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

Selective Insurance Group logo with Finance background

JPMorgan Chase & Co. lifted its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Franklin Resources Inc. grew its stake in shares of Selective Insurance Group by 38.4% in the 3rd quarter. Franklin Resources Inc. now owns 6,296 shares of the insurance provider's stock worth $603,000 after buying an additional 1,747 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Selective Insurance Group by 51.9% in the third quarter. Sanctuary Advisors LLC now owns 4,211 shares of the insurance provider's stock worth $412,000 after acquiring an additional 1,438 shares during the last quarter. Pine Valley Investments Ltd Liability Co bought a new position in shares of Selective Insurance Group during the third quarter valued at $345,000. Geode Capital Management LLC raised its position in shares of Selective Insurance Group by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,586,527 shares of the insurance provider's stock worth $148,048,000 after purchasing an additional 26,880 shares during the last quarter. Finally, Barclays PLC boosted its stake in Selective Insurance Group by 171.6% in the 3rd quarter. Barclays PLC now owns 114,790 shares of the insurance provider's stock worth $10,711,000 after purchasing an additional 72,530 shares in the last quarter. 82.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now owns 15,946 shares in the company, valued at approximately $1,476,759.06. The trade was a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Check Out Our Latest Report on SIGI

Selective Insurance Group Trading Down 1.7 %

Shares of Selective Insurance Group stock traded down $1.55 on Monday, reaching $90.81. The company had a trading volume of 225,350 shares, compared to its average volume of 235,783. The firm's 50-day moving average price is $96.34 and its two-hundred day moving average price is $93.05. Selective Insurance Group, Inc. has a 1 year low of $81.00 and a 1 year high of $109.58. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 24.48 and a beta of 0.62. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.35 and a quick ratio of 0.35.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results 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). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the company posted $1.51 EPS. The company's revenue was up 15.1% compared to the same quarter last year. As a group, research analysts predict that Selective Insurance Group, Inc. will post 3.61 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.67%. This is a boost from Selective Insurance Group's previous quarterly dividend of $0.35. Selective Insurance Group's payout ratio is presently 40.97%.

Selective Insurance Group Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Selective Insurance Group (NASDAQ:SIGI)

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