Selective Insurance Group, Inc. $SIGI Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 7.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 440,825 shares of the insurance provider’s stock after selling 34,477 shares during the period. JPMorgan Chase & Co.’s holdings in Selective Insurance Group were worth $35,738,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First Horizon Corp acquired a new stake in shares of Selective Insurance Group in the 3rd quarter worth approximately $29,000. Amundi raised its holdings in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 311 shares during the last quarter. Rothschild Investment LLC boosted its position in Selective Insurance Group by 680.0% during the third quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 476 shares in the last quarter. Danske Bank A S purchased a new stake in Selective Insurance Group during the third quarter worth $57,000. Finally, Advisory Services Network LLC acquired a new stake in Selective Insurance Group in the third quarter valued at $68,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SIGI shares. Keefe, Bruyette & Woods dropped their price target on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research report on Tuesday, January 6th. Royal Bank Of Canada assumed coverage on shares of Selective Insurance Group in a research report on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective on the stock. Finally, Piper Sandler increased their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $83.00.

Selective Insurance Group Stock Up 0.4%

Shares of SIGI opened at $74.04 on Monday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The firm has a market cap of $4.45 billion, a PE ratio of 9.89 and a beta of 0.23. The company’s fifty day moving average is $82.60 and its two-hundred day moving average is $81.11. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $93.38.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the firm earned $1.62 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts forecast that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, February 13th. Selective Insurance Group’s payout ratio is currently 22.96%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.