Channing Capital Management LLC Has $24.69 Million Stock Position in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Channing Capital Management LLC lowered its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 54.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 248,190 shares of the insurance provider’s stock after selling 302,096 shares during the period. Channing Capital Management LLC’s holdings in Selective Insurance Group were worth $24,690,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. FMR LLC increased its position in Selective Insurance Group by 11.5% during the 3rd quarter. FMR LLC now owns 3,866,827 shares of the insurance provider’s stock valued at $398,941,000 after purchasing an additional 398,517 shares during the period. Victory Capital Management Inc. raised its stake in Selective Insurance Group by 14.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,190,389 shares of the insurance provider’s stock worth $118,420,000 after buying an additional 149,901 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Selective Insurance Group during the fourth quarter worth $8,361,000. Schonfeld Strategic Advisors LLC acquired a new position in Selective Insurance Group in the third quarter valued at $5,122,000. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Selective Insurance Group by 11.5% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 438,571 shares of the insurance provider’s stock valued at $45,248,000 after acquiring an additional 45,305 shares during the last quarter. Institutional investors and hedge funds own 82.88% of the company’s stock.

Insiders Place Their Bets

In related news, COO Brenda M. Hall sold 2,626 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.88, for a total value of $278,040.88. Following the completion of the sale, the chief operating officer now directly owns 10,511 shares of the company’s stock, valued at approximately $1,112,904.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Selective Insurance Group Stock Up 0.7 %

Shares of NASDAQ SIGI traded up $0.64 during midday trading on Friday, hitting $96.41. 645,244 shares of the stock traded hands, compared to its average volume of 350,614. Selective Insurance Group, Inc. has a one year low of $91.99 and a one year high of $109.58. The business has a 50 day moving average price of $103.38 and a two-hundred day moving average price of $102.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $5.86 billion, a PE ratio of 17.03, a P/E/G ratio of 0.71 and a beta of 0.55.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 EPS. On average, equities analysts predict that Selective Insurance Group, Inc. will post 7.49 EPS for the current year.

Selective Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, May 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.45%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 24.74%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SIGI. Royal Bank of Canada lowered their price objective on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Keefe, Bruyette & Woods cut their price target on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. Piper Sandler reiterated a “neutral” rating and issued a $104.00 price objective on shares of Selective Insurance Group in a research note on Monday, April 1st. Finally, Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of Selective Insurance Group in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $105.17.

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.