BMO Capital Markets Upgrades Selective Insurance Group (NASDAQ:SIGI) to “Outperform”

Selective Insurance Group (NASDAQ:SIGI) was upgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $105.00 price objective on the insurance provider’s stock, up from their previous price objective of $95.00. BMO Capital Markets’ target price suggests a potential upside of 15.61% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada boosted their target price on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Bank of America boosted their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research note on Tuesday, October 22nd. Keefe, Bruyette & Woods raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and cut their target price for the company from $104.00 to $99.00 in a research note on Monday, July 22nd. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Tuesday, July 23rd. Finally, Piper Sandler cut their target price on shares of Selective Insurance Group from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $101.67.

Selective Insurance Group Price Performance

Selective Insurance Group stock opened at $90.82 on Wednesday. Selective Insurance Group has a 52 week low of $81.00 and a 52 week high of $109.58. The company has a quick ratio of 0.32, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The firm’s 50-day simple moving average is $91.99 and its 200 day simple moving average is $93.28. The firm has a market capitalization of $5.52 billion, a PE ratio of 16.05, a P/E/G ratio of 1.53 and a beta of 0.56.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm earned $1.51 earnings per share. Selective Insurance Group’s quarterly revenue was up 15.1% on a year-over-year basis. On average, equities research analysts predict that Selective Insurance Group will post 3.68 EPS for the current fiscal year.

Insider Activity at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,476,759.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Selective Insurance Group

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Selective Insurance Group during the third quarter worth approximately $27,000. Quest Partners LLC acquired a new stake in shares of Selective Insurance Group during the second quarter worth approximately $28,000. GAMMA Investing LLC grew its position in shares of Selective Insurance Group by 81.5% during the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider’s stock worth $30,000 after buying an additional 145 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Selective Insurance Group during the second quarter worth approximately $44,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Selective Insurance Group during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

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.