RBC Capital analyst Mark Dwelle raised the firm’s price target on Selective Insurance to $96 from $90 but keeps a Sector Perform rating on the shares. The company’s Q4 results showed strong growth and sequential margin improvement, the analyst tells investors in a research note. The firm adds that the FY23 outlook by Selective Insurance suggests higher investment income, which should be "very achievable", though its 130 basis points of core combined ratio improvement will be "more challenging". The company is executing at a high level, but this may already be "well reflected" in the current share multiple, RBC Capital states.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on SIGI:
- Selective Reports Fourth Quarter 2022 Results, Including Net Income of $1.38 per Diluted Common Share and Non-GAAP Operating Income(1) of $1.46 per Diluted Common Share
- Selective Insurance reports Q4 adjusted EPS $1.46, consensus $1.46
- Selective Insurance Group, Inc. Announces Preliminary Fourth Quarter 2022 Results, Including Catastrophe Loss Estimates
- Selective Insurance sees Q4 non-GAAP EPS $1.46, consensus $1.41
- Selective Insurance initiated with a Market Perform at BMO Capital