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

JPMorgan Chase & Co. reduced its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure 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. owned approximately 0.73% of Selective Insurance Group worth $35,738,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. First Horizon Corp acquired a new position in Selective Insurance Group in the 3rd quarter valued at $29,000. Amundi increased its position in shares of Selective Insurance Group by 398.7% in 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 period. EverSource Wealth Advisors LLC raised its stake in Selective Insurance Group by 415.9% in the second 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 in the last quarter. Versant Capital Management Inc raised its stake 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 valued at $73,000 after purchasing an additional 706 shares in the last quarter. Finally, State of Wyoming bought a new stake in Selective Insurance Group during the second quarter worth about $108,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods decreased their target price 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. Royal Bank Of Canada assumed coverage on shares of Selective Insurance Group in a research note on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective on the stock. Piper Sandler upped their target price on Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Finally, Morgan Stanley raised their target price on Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, November 17th. One investment 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.com, Selective Insurance Group has a consensus rating of “Hold” and an average price target of $83.00.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $84.04 on Friday. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $93.38. 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 company has a market cap of $5.05 billion, a price-to-earnings ratio of 11.22 and a beta of 0.23. The firm has a 50 day simple moving average of $84.51 and a 200 day simple moving average of $81.06.

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

Selective Insurance Group Announces Dividend

The company also recently announced 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 of this dividend is Friday, February 13th. Selective Insurance Group’s dividend payout ratio is presently 22.96%.

Selective Insurance Group 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.