Citigroup Inc. Sells 14,224 Shares of Selective Insurance Group, Inc. $SIGI

Citigroup Inc. trimmed its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 37.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,892 shares of the insurance provider’s stock after selling 14,224 shares during the quarter. Citigroup Inc.’s holdings in Selective Insurance Group were worth $1,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. First Horizon Corp purchased a new stake in Selective Insurance Group during the third quarter valued at $29,000. Amundi lifted 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 acquiring an additional 311 shares during the period. Rothschild Investment LLC boosted its position in Selective Insurance Group by 680.0% in 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 during the last quarter. Versant Capital Management Inc boosted its position in Selective Insurance Group by 362.1% in the third 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. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Selective Insurance Group by 415.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 682 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $80.08 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 business has a 50-day simple moving average of $84.26 and a two-hundred day simple moving average of $81.28. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 10.69 and a beta of 0.23. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $93.38.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.36 billion. During the same quarter last year, the company earned $1.62 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date was Friday, February 13th. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. Selective Insurance Group’s dividend payout ratio (DPR) is presently 22.96%.

Analysts Set New Price Targets

Several research firms have recently commented on SIGI. 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 price target for the company. Keefe, Bruyette & Woods dropped their price objective on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Morgan Stanley boosted their target price on shares of Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. Finally, Piper Sandler upped their target price on shares of Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. One equities research 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $83.00.

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.