Selective Insurance Group, Inc. $SIGI Stake Cut by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services trimmed its stake in Selective Insurance Group (NASDAQ:SIGI) by 6.6%, selling 34,262 shares and leaving it with 482,535 shares (about 0.80% of the company) valued at roughly $40.37 million.
• Analysts hold a consensus Hold rating on SIGI with an average price target of $83.60 (one Buy, five Hold, one Sell).
• Selective recently beat Q4 EPS estimates ($2.57 vs. $2.24) on $1.36 billion in revenue, pays a quarterly dividend of $0.43 (annualized yield ~2.1%), and has a market cap of about $4.84 billion.

Massachusetts Financial Services Co. MA lessened its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 482,535 shares of the insurance provider's stock after selling 34,262 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.80% of Selective Insurance Group worth $40,374,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SIGI. First Horizon Corp bought a new position in shares of Selective Insurance Group in the 3rd quarter worth about $29,000. True Wealth Design LLC grew its position in shares of Selective Insurance Group by 45.9% during the 4th quarter. True Wealth Design LLC now owns 410 shares of the insurance provider's stock valued at $34,000 after buying an additional 129 shares during the last quarter. Amundi raised its stake in Selective Insurance Group by 398.7% during the first quarter. Amundi now owns 389 shares of the insurance provider's stock worth $36,000 after acquiring an additional 311 shares during the period. Rothschild Investment LLC raised its stake in Selective Insurance Group by 680.0% during the third quarter. Rothschild Investment LLC now owns 546 shares of the insurance provider's stock worth $44,000 after acquiring an additional 476 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Selective Insurance Group by 38.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 555 shares of the insurance provider's stock worth $46,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 82.88% of the company's stock.

Analyst Upgrades and Downgrades

SIGI has been the subject of several recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Selective Insurance Group in a report on Wednesday, March 25th. Keefe, Bruyette & Woods cut their price target on Selective Insurance Group from $92.00 to $84.00 and set a "market perform" rating on the stock in a report on Tuesday, April 7th. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 price objective on shares of Selective Insurance Group in a research note on Monday, March 23rd. Finally, Piper Sandler increased their target price on Selective Insurance Group from $79.00 to $86.00 and gave the stock a "neutral" rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $83.60.

Selective Insurance Group Price Performance

Shares of NASDAQ:SIGI opened at $80.90 on Wednesday. The firm's 50 day moving average is $80.84 and its two-hundred day moving average is $80.96. The firm has a market capitalization of $4.84 billion, a P/E ratio of 10.80 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. Selective Insurance Group, Inc. has a 52 week low of $71.75 and a 52 week high of $93.38.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its earnings results on Thursday, January 29th. The insurance provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.24 by $0.33. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 earnings per share. Analysts anticipate that Selective Insurance Group, Inc. will post 7.62 earnings per share for the current year.

Selective Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. Selective Insurance Group's dividend payout ratio (DPR) is currently 22.96%.

Selective Insurance Group Company 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.

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