JPMorgan Chase & Co. Sells 34,477 Shares of Selective Insurance Group, Inc. $SIGI

JPMorgan Chase & Co. cut its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 7.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 440,825 shares of the insurance provider’s stock after selling 34,477 shares during the quarter. JPMorgan Chase & Co.’s holdings in Selective Insurance Group were worth $35,738,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Corp bought a new position in shares of Selective Insurance Group during the third quarter valued at $29,000. Amundi increased its holdings in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 311 shares during the period. Versant Capital Management Inc raised its position in Selective Insurance Group by 362.1% during the 3rd quarter. Versant Capital Management Inc now owns 901 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 706 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Selective Insurance Group by 415.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock worth $73,000 after buying an additional 682 shares during the period. Finally, State of Wyoming bought a new stake in shares of Selective Insurance Group in the 2nd quarter valued at about $108,000. 82.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SIGI. Morgan Stanley raised their price objective on Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th. Royal Bank Of Canada initiated coverage on shares of Selective Insurance Group in a research report on Monday, November 24th. They set an “outperform” rating and a $95.00 target price for the company. Keefe, Bruyette & Woods dropped their price target on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 6th. Finally, Piper Sandler increased their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Selective Insurance Group presently has an average rating of “Hold” and an average target price of $83.00.

Selective Insurance Group Trading Up 0.3%

Shares of SIGI stock opened at $84.04 on Friday. Selective Insurance Group, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $93.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a 50 day simple moving average of $84.51 and a two-hundred day simple moving average of $81.06. The company has a market cap of $5.05 billion, a P/E ratio of 11.22 and a beta of 0.23.

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

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, February 13th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 22.96%.

About Selective Insurance Group

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.