Massachusetts Financial Services Co. MA Sells 14,994 Shares of Selective Insurance Group, Inc. $SIGI

Massachusetts Financial Services Co. MA lowered its stake in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 2.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 516,797 shares of the insurance provider’s stock after selling 14,994 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.86% of Selective Insurance Group worth $41,897,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SIGI. Evergreen Capital Management LLC bought a new stake in Selective Insurance Group in the 3rd quarter valued at $257,000. First National Advisers LLC grew its holdings in shares of Selective Insurance Group by 4.8% during the third quarter. First National Advisers LLC now owns 6,586 shares of the insurance provider’s stock worth $534,000 after purchasing an additional 300 shares during the last quarter. Versant Capital Management Inc raised its position in Selective Insurance Group by 362.1% during the 3rd quarter. Versant Capital Management Inc now owns 901 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 706 shares during the last quarter. Pullen Investment Management LLC lifted its position in shares of Selective Insurance Group by 16.2% in the 3rd quarter. Pullen Investment Management LLC now owns 26,438 shares of the insurance provider’s stock worth $2,143,000 after purchasing an additional 3,690 shares during the period. Finally, First Horizon Corp bought a new stake in shares of Selective Insurance Group during the 3rd quarter valued at about $29,000. 82.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SIGI. Keefe, Bruyette & Woods cut their target price on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 6th. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price on the stock. in a report on Tuesday, October 28th. Royal Bank Of Canada initiated coverage on shares of Selective Insurance Group in a research note on Monday, November 24th. They issued an “outperform” rating and a $95.00 price objective for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Selective Insurance Group in a report on Wednesday, October 8th. Finally, Morgan Stanley increased their target price on shares of Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $81.60.

Selective Insurance Group Price Performance

SIGI stock opened at $82.83 on Thursday. The firm has a market capitalization of $5.00 billion, a price-to-earnings ratio of 12.76 and a beta of 0.24. The firm has a 50 day moving average price of $81.47 and a 200-day moving average price of $80.63. Selective Insurance Group, Inc. has a 52-week low of $71.75 and a 52-week high of $96.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32.

Selective Insurance Group (NASDAQ:SIGI) last posted its quarterly earnings results on Wednesday, October 22nd. The insurance provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Selective Insurance Group had a return on equity of 12.96% and a net margin of 7.78%.The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.40 earnings per share. Equities research analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group 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.