Corebridge Financial Inc. Cuts Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Corebridge Financial Inc. lowered its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 5.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 98,612 shares of the insurance provider’s stock after selling 5,400 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Selective Insurance Group worth $9,222,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SIGI. FMR LLC lifted its position in Selective Insurance Group by 28.6% during the third quarter. FMR LLC now owns 5,468,801 shares of the insurance provider’s stock valued at $510,239,000 after buying an additional 1,216,801 shares in the last quarter. State Street Corp lifted its holdings in shares of Selective Insurance Group by 3.1% during the 3rd quarter. State Street Corp now owns 2,401,897 shares of the insurance provider’s stock valued at $224,097,000 after acquiring an additional 71,296 shares in the last quarter. Geode Capital Management LLC boosted its position in Selective Insurance Group by 1.7% during 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 period. Boston Trust Walden Corp boosted its position in Selective Insurance Group by 8.7% during the 4th quarter. Boston Trust Walden Corp now owns 1,055,321 shares of the insurance provider’s stock worth $98,694,000 after purchasing an additional 84,341 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Selective Insurance Group by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,230 shares of the insurance provider’s stock valued at $82,693,000 after purchasing an additional 16,539 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

Selective Insurance Group Stock Performance

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

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $1.62 EPS for the quarter, missing analysts’ consensus estimates 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, analysts expect that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Friday, February 14th. Selective Insurance Group’s dividend payout ratio is currently 47.20%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SIGI. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a research note on Thursday, January 30th. Morgan Stanley lowered their price objective on shares of Selective Insurance Group from $95.00 to $87.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, 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 report on Friday, February 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Selective Insurance Group currently has a consensus rating of “Hold” and a consensus target price of $98.71.

Selective Insurance Group 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.