JPMorgan Chase & Co. Acquires 7,563 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

JPMorgan Chase & Co. lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 405,153 shares of the insurance provider’s stock after purchasing an additional 7,563 shares during the period. JPMorgan Chase & Co. owned 0.67% of Selective Insurance Group worth $37,801,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new stake in shares of Selective Insurance Group in the third quarter worth about $27,000. Quest Partners LLC acquired a new position in shares of Selective Insurance Group during the 2nd quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Selective Insurance Group during the 2nd quarter valued at approximately $44,000. KBC Group NV boosted its position in shares of Selective Insurance Group by 18.1% in the third quarter. KBC Group NV now owns 1,840 shares of the insurance provider’s stock valued at $172,000 after acquiring an additional 282 shares during the period. Finally, Berry Wealth Group LP acquired a new position in Selective Insurance Group during the 3rd quarter valued at $205,000. 82.88% of the stock is currently owned by institutional investors.

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, CAO Anthony D. Harnett sold 1,404 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction of $130,024.44. Following the transaction, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,476,759.06. This trade represents a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. BMO Capital Markets raised Selective Insurance Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. Bank of America upped their target price on shares of Selective Insurance Group from $96.00 to $102.00 and gave the company an “underperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley initiated coverage on Selective Insurance Group in a research note on Thursday, December 5th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Finally, Royal Bank of Canada lifted their price objective on Selective Insurance Group from $96.00 to $99.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.14.

Selective Insurance Group Stock Up 0.2 %

Shares of NASDAQ:SIGI opened at $92.36 on Monday. Selective Insurance Group, Inc. has a 12 month low of $81.00 and a 12 month high of $109.58. The firm has a market cap of $5.61 billion, a P/E ratio of 24.89 and a beta of 0.62. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $96.34 and its two-hundred day moving average price is $93.05.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 EPS. As a group, research analysts forecast that Selective Insurance Group, Inc. will post 3.61 EPS for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. This is a positive change from Selective Insurance Group’s previous quarterly dividend of $0.35. Selective Insurance Group’s dividend payout ratio (DPR) is 40.97%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. The company operates through four segments: Standard Commercial Lines, Standard Personal Lines, E&S Lines, and Investments. It offers casualty insurance products that covers the financial consequences of employee injuries in the course of employment and bodily injury and/or property damage to a third party; property insurance products, which covers the accidental loss of an insured's real property, personal property, and/or earnings due to the property's loss; and flood insurance products.