Royal Bank Of Canada Issues Positive Forecast for Selective Insurance Group (NASDAQ:SIGI) Stock Price

Selective Insurance Group (NASDAQ:SIGI) had its price objective increased by Royal Bank Of Canada from $110.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the insurance provider’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 21.47% from the company’s previous close.

A number of other brokerages have also recently weighed in on SIGI. Weiss Ratings upgraded Selective Insurance Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Piper Sandler boosted their price objective on shares of Selective Insurance Group from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Morgan Stanley increased their price objective on shares of Selective Insurance Group from $72.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods raised their target price on shares of Selective Insurance Group from $88.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Finally, Oppenheimer lifted their target price on shares of Selective Insurance Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.17.

Selective Insurance Group Stock Down 1.7%

NASDAQ:SIGI traded down $1.66 during midday trading on Monday, hitting $94.67. 107,571 shares of the company were exchanged, compared to its average volume of 569,434. The company has a fifty day simple moving average of $93.11 and a 200 day simple moving average of $85.88. The company has a market capitalization of $5.67 billion, a PE ratio of 11.75 and a beta of 0.29. Selective Insurance Group has a fifty-two week low of $72.78 and a fifty-two week high of $100.40. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Thursday, July 23rd. The insurance provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.29. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.30 billion. Selective Insurance Group had a return on equity of 14.51% and a net margin of 9.10%.During the same period last year, the business posted $1.31 EPS. As a group, equities analysts anticipate that Selective Insurance Group will post 7.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Selective Insurance Group

Several large investors have recently modified their holdings of SIGI. Amundi boosted its holdings in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 311 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Selective Insurance Group by 5.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,627 shares of the insurance provider’s stock worth $19,555,000 after buying an additional 11,167 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Selective Insurance Group by 17.9% in the first quarter. Focus Partners Wealth now owns 2,705 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 411 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Selective Insurance Group during the 2nd quarter worth about $468,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Selective Insurance Group by 14.1% in the second quarter. Cetera Investment Advisers now owns 3,749 shares of the insurance provider’s stock valued at $325,000 after acquiring an additional 462 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

About Selective Insurance Group

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.