Selective Insurance Group (NASDAQ:SIGI) Given New $96.00 Price Target at BMO Capital Markets

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) had its target price boosted by equities researchers at BMO Capital Markets from $92.00 to $96.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the insurance provider's stock. BMO Capital Markets' price target suggests a potential upside of 9.49% from the company's previous close.

Several other research firms have also recently weighed in on SIGI. Morgan Stanley decreased their price objective on shares of Selective Insurance Group from $95.00 to $87.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $93.00 price target (down from $116.00) on shares of Selective Insurance Group in a report on Friday, February 7th. Finally, JMP Securities reissued a "market perform" rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $93.50.

Selective Insurance Group Trading Up 0.9 %

SIGI traded up $0.79 during midday trading on Tuesday, hitting $87.68. 335,269 shares of the company were exchanged, compared to its average volume of 383,124. The firm's 50 day moving average price is $87.69 and its 200-day moving average price is $91.10. Selective Insurance Group has a 1-year low of $78.13 and a 1-year high of $103.56. The firm has a market capitalization of $5.33 billion, a P/E ratio of 27.23 and a beta of 0.45. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $1.76 EPS for the quarter, missing analysts' consensus estimates of $1.86 by ($0.10). The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.30 billion. Selective Insurance Group had a return on equity of 7.33% and a net margin of 4.26%. Selective Insurance Group's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share. As a group, equities analysts forecast that Selective Insurance Group will post 7.62 EPS for the current fiscal year.

Insider Transactions at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,352 shares of the company's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $87.06, for a total transaction of $117,705.12. Following the transaction, the chief accounting officer now directly owns 15,946 shares of the company's stock, valued at approximately $1,388,258.76. This represents a 7.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Selective Insurance Group

Hedge funds have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Selective Insurance Group by 36.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,128,252 shares of the insurance provider's stock worth $103,280,000 after purchasing an additional 299,925 shares in the last quarter. Boston Trust Walden Corp raised its holdings in Selective Insurance Group by 8.7% during the fourth quarter. Boston Trust Walden Corp now owns 1,055,321 shares of the insurance provider's stock worth $98,694,000 after buying an additional 84,341 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Selective Insurance Group by 9.3% in the fourth quarter. Northern Trust Corp now owns 1,052,142 shares of the insurance provider's stock valued at $98,396,000 after buying an additional 89,692 shares in the last quarter. Norges Bank acquired a new position in shares of Selective Insurance Group during the fourth quarter valued at about $93,409,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Selective Insurance Group by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,230 shares of the insurance provider's stock worth $82,693,000 after acquiring an additional 16,539 shares in the last quarter. Institutional investors and hedge funds own 82.88% of the company's stock.

Selective Insurance Group Company Profile

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.