Selective Insurance Group (NASDAQ:SIGI) PT Set at $88.00 by BMO Capital Markets

Key Points

• BMO Capital Markets has lowered its price target for Selective Insurance Group (NASDAQ:SIGI) from $96.00 to $88.00, while maintaining an "outperform" rating.
• Selective Insurance Group reported $1.31 earnings per share for the last quarter, missing the consensus estimate of $1.55, with revenue of $1.29 billion.
• Insider buying activities included Director Terrence W. Cavanaugh purchasing 2,000 shares at an average cost of $75.72 per share, increasing his position by 8.59%.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) received a $88.00 target price from investment analysts at BMO Capital Markets in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage presently has an "outperform" rating on the insurance provider's stock. BMO Capital Markets' price target would indicate a potential upside of 12.60% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Selective Insurance Group from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. Keefe, Bruyette & Woods reduced their price target on shares of Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Morgan Stanley cut shares of Selective Insurance Group from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $86.00 to $72.00 in a report on Tuesday, August 5th. Finally, Piper Sandler reduced their price target on shares of Selective Insurance Group from $88.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Selective Insurance Group presently has a consensus rating of "Hold" and a consensus target price of $87.33.

Selective Insurance Group Trading Up 0.5%

SIGI opened at $78.15 on Tuesday. Selective Insurance Group has a twelve month low of $71.75 and a twelve month high of $103.56. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average of $84.69 and a 200-day moving average of $86.25. The stock has a market cap of $4.76 billion, a PE ratio of 12.79 and a beta of 0.47.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.31 EPS for the quarter, missing analysts' consensus estimates of $1.55 by ($0.24). The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. Selective Insurance Group had a return on equity of 12.61% and a net margin of 7.50%. During the same quarter in the previous year, the business posted ($1.10) earnings per share. On average, sell-side analysts predict that Selective Insurance Group will post 7.62 EPS for the current year.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, CEO John J. Marchioni acquired 3,200 shares of the company's stock in a transaction on Monday, July 28th. The shares were purchased at an average cost of $77.89 per share, with a total value of $249,248.00. Following the completion of the purchase, the chief executive officer owned 139,775 shares of the company's stock, valued at approximately $10,887,074.75. This represents a 2.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joseph Eppers acquired 1,402 shares of the company's stock in a transaction on Friday, July 25th. The stock was acquired at an average cost of $76.82 per share, for a total transaction of $107,701.64. Following the completion of the purchase, the executive vice president directly owned 12,492 shares of the company's stock, valued at approximately $959,635.44. This represents a 12.64% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 10,602 shares of company stock valued at $817,440. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Cetera Investment Advisers lifted its position in shares of Selective Insurance Group by 14.1% during the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider's stock valued at $325,000 after purchasing an additional 462 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Selective Insurance Group by 27.7% during the second quarter. Intech Investment Management LLC now owns 36,856 shares of the insurance provider's stock valued at $3,194,000 after purchasing an additional 8,002 shares in the last quarter. Creative Planning lifted its position in shares of Selective Insurance Group by 28.4% during the second quarter. Creative Planning now owns 56,891 shares of the insurance provider's stock valued at $4,930,000 after purchasing an additional 12,591 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Selective Insurance Group by 91.1% during the second quarter. SG Americas Securities LLC now owns 13,591 shares of the insurance provider's stock valued at $1,178,000 after purchasing an additional 6,478 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Selective Insurance Group by 7.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,615 shares of the insurance provider's stock valued at $1,353,000 after purchasing an additional 1,080 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

About Selective Insurance Group

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.