Selective Insurance price target raised to $99 from $96 at RBC Capital

RBC Capital analyst Mark Dwelle raised the firm’s price target on Selective Insurance (SIGI) to $99 from $96 and keeps a Sector Perform rating on the shares. The company’s Q3 results showed signs of stability relative to the past few quarters, and the firm views this as some indication that reserving is in better place on recently written business, the analyst tells investors in a research note. Core margins for Selective Insurance also improved across all three units albeit with lower non-catastrophe property losses driving some of the improvement, RBC added.