JPMorgan Chase & Co. Lowers Stock Holdings in Selective Insurance Group, Inc. $SIGI

JPMorgan Chase & Co. lessened its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 7.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & 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. owned 0.73% of Selective Insurance Group worth $35,738,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. First Horizon Corp acquired a new stake in Selective Insurance Group during the 3rd quarter worth approximately $29,000. Amundi increased its holdings in shares of 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. Rothschild Investment LLC raised its stake in shares of 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 during the last quarter. Danske Bank A S purchased a new stake in shares of Selective Insurance Group during the third quarter worth approximately $57,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Selective Insurance Group during the third quarter worth $68,000. 82.88% of the stock is owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Up 0.4%

SIGI opened at $74.04 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The business has a 50 day simple moving average of $82.60 and a 200-day simple moving average of $81.11. The stock has a market capitalization of $4.45 billion, a P/E ratio of 9.89 and a beta of 0.23. Selective Insurance Group, Inc. has a 12 month low of $71.75 and a 12 month high of $93.38.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings data on Thursday, January 29th. The insurance provider reported $2.57 earnings per share 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 analyst estimates of $1.36 billion. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.Selective Insurance Group’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 earnings per share. On average, equities analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current fiscal year.

Selective Insurance Group Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SIGI. Keefe, Bruyette & Woods lowered 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 research report on Tuesday, January 6th. Royal Bank Of Canada began 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 objective for the company. Finally, Piper Sandler lifted 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 research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $83.00.

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.