Selective Insurance Analysts Cut Their Forecasts After Downbeat Earnings
Portfolio Pulse from Avi Kapoor
Selective Insurance Group, Inc. (NASDAQ:SIGI) reported weak quarterly results, missing both earnings and sales estimates. The company posted a loss of $1.10 per share against an expected $1.49, and sales of $1.196 billion against an expected $1.204 billion. The stock fell 18.2% following the announcement. Analysts have adjusted their price targets, with Piper Sandler lowering it to $85 and Keefe, Bruyette & Woods upgrading the rating but cutting the target to $99.
July 22, 2024 | 12:24 pm
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Selective Insurance Group, Inc. (NASDAQ:SIGI) reported weak quarterly results, missing both earnings and sales estimates. The company posted a loss of $1.10 per share against an expected $1.49, and sales of $1.196 billion against an expected $1.204 billion. The stock fell 18.2% following the announcement. Analysts have adjusted their price targets, with Piper Sandler lowering it to $85 and Keefe, Bruyette & Woods upgrading the rating but cutting the target to $99.
The weak quarterly results and significant miss on both earnings and sales estimates have led to a sharp decline in the stock price. Analysts have adjusted their price targets downward, indicating a negative short-term outlook. The company's challenges with underwriting performance and higher loss costs further contribute to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100