Selective Insurance Group, Inc. (NASDAQ:SIGI) Position Trimmed by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 5.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 98,612 shares of the insurance provider’s stock after selling 5,400 shares during the quarter. Corebridge Financial Inc.’s holdings in Selective Insurance Group were worth $9,222,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. R Squared Ltd bought a new position in Selective Insurance Group in the fourth quarter worth about $25,000. UMB Bank n.a. lifted its holdings in shares of Selective Insurance Group by 37.1% in the 4th quarter. UMB Bank n.a. now owns 429 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 116 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Selective Insurance Group by 957.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC grew its stake in Selective Insurance Group by 64.4% during the 4th quarter. GAMMA Investing LLC now owns 485 shares of the insurance provider’s stock worth $45,000 after buying an additional 190 shares during the last quarter. Finally, Roxbury Financial LLC bought a new position in Selective Insurance Group during the 4th quarter worth $180,000. 82.88% of the stock is owned by institutional investors and hedge funds.

Selective Insurance Group Stock Performance

Shares of SIGI opened at $92.22 on Friday. Selective Insurance Group, Inc. has a 52-week low of $78.13 and a 52-week high of $109.58. The firm has a market capitalization of $5.61 billion, a PE ratio of 28.64 and a beta of 0.54. The firm has a 50-day moving average price of $86.62 and a 200 day moving average price of $91.79. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.17.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. On average, sell-side 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 company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is presently 47.20%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SIGI. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a report on Thursday, January 30th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $93.00 target price (down from $116.00) on shares of Selective Insurance Group in a research note on Friday, February 7th. Finally, Morgan Stanley dropped their price target on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.71.

About Selective Insurance Group

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.