Selective Insurance Group (NASDAQ:SIGI) Given New $87.00 Price Target at Morgan Stanley

Selective Insurance Group (NASDAQ:SIGI) had its target price cut by stock analysts at Morgan Stanley from $95.00 to $87.00 in a report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 4.19% from the stock’s previous close.

A number of other equities research analysts have also weighed in on SIGI. BMO Capital Markets upgraded shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. Royal Bank of Canada upped their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Bank of America upped their price objective on Selective Insurance Group from $96.00 to $102.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 22nd. JMP Securities restated a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday. Finally, Keefe, Bruyette & Woods upped their price objective on Selective Insurance Group from $114.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $102.00.

Selective Insurance Group Stock Performance

SIGI traded down $0.63 during mid-day trading on Monday, reaching $83.50. 56,991 shares of the company traded hands, compared to its average volume of 382,103. The stock has a market capitalization of $5.08 billion, a P/E ratio of 25.91 and a beta of 0.61. The company has a quick ratio of 0.35, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The company’s fifty day moving average price is $94.65 and its 200-day moving average price is $92.77. Selective Insurance Group has a 52-week low of $80.84 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. On average, sell-side analysts expect that Selective Insurance Group will post 7.77 EPS for the current year.

Institutional Investors Weigh In On Selective Insurance Group

Institutional investors have recently bought and sold shares of the business. Bank of Montreal Can boosted its holdings in shares of Selective Insurance Group by 6.5% during the 2nd quarter. Bank of Montreal Can now owns 8,526 shares of the insurance provider’s stock valued at $838,000 after purchasing an additional 524 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Selective Insurance Group by 233.6% during the 2nd quarter. Millennium Management LLC now owns 106,239 shares of the insurance provider’s stock valued at $9,968,000 after purchasing an additional 74,390 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Selective Insurance Group during the 2nd quarter valued at about $278,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Selective Insurance Group during the 2nd quarter valued at about $44,000. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Selective Insurance Group by 24.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 15,616 shares of the insurance provider’s stock valued at $1,457,000 after purchasing an additional 3,100 shares during the last quarter. Hedge funds and other institutional investors 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.