Selective Insurance price target lowered to $96 from $103 at RBC Capital

RBC Capital analyst Mark Dwelle lowered the firm’s price target on Selective Insurance to $96 from $103 and keeps a Sector Perform rating on the shares. The company’s Q2 results were weighed down by a sizable reserve charge in casualty as loss trends remain elevated, and its core margins weakened despite expense ratio improvement as the company takes up loss picks, the analyst tells investors in a research note. RBC adds that Selective Insurance’s Q2 was “disappointing” and that the company’s results have now trailed regional peers over the past few quarters.