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JPMorgan Chase & Co. Sells 57,847 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Defense World · Sep 2, 2022 05:01

JPMorgan Chase & Co. lowered its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI – Get Rating) by 12.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 397,314 shares of the insurance provider's stock after selling 57,847 shares during the quarter. JPMorgan Chase & Co. owned about 0.66% of Selective Insurance Group worth $35,504,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SIGI. Rockefeller Capital Management L.P. lifted its holdings in shares of Selective Insurance Group by 96.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 306 shares of the insurance provider's stock worth $25,000 after buying an additional 150 shares during the last quarter. Covestor Ltd acquired a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $45,000. First Horizon Advisors Inc. lifted its holdings in shares of Selective Insurance Group by 2,790.6% during the fourth quarter. First Horizon Advisors Inc. now owns 925 shares of the insurance provider's stock worth $75,000 after buying an additional 893 shares during the last quarter. UMB Bank N A MO acquired a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $76,000. Finally, Pinebridge Investments L.P. acquired a new position in shares of Selective Insurance Group during the fourth quarter worth approximately $98,000. Institutional investors own 83.50% of the company's stock.

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Selective Insurance Group Stock Performance

Shares of NASDAQ SIGI opened at $79.70 on Friday. The business has a fifty day simple moving average of $81.96 and a 200 day simple moving average of $82.06. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 2.70 and a beta of 0.63. Selective Insurance Group, Inc. has a one year low of $66.81 and a one year high of $94.35.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, August 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.41%. Selective Insurance Group's payout ratio is 26.23%.

Insider Activity at Selective Insurance Group

In other Selective Insurance Group news, Director Cynthia S. Nicholson sold 6,600 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $83.23, for a total transaction of $549,318.00. Following the completion of the transaction, the director now directly owns 19,885 shares in the company, valued at $1,655,028.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley began coverage on Selective Insurance Group in a research note on Monday, June 27th. They issued an "overweight" rating and a $98.00 target price for the company.

Selective Insurance Group Company Profile

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