Channing Capital Management LLC Sells 302,096 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Channing Capital Management LLC decreased its position in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 54.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 248,190 shares of the insurance provider’s stock after selling 302,096 shares during the period. Channing Capital Management LLC owned about 0.41% of Selective Insurance Group worth $24,690,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SIGI. Blue Trust Inc. lifted its stake in Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 104 shares during the period. Headinvest LLC bought a new position in shares of Selective Insurance Group during the 3rd quarter worth approximately $62,000. Morton Brown Family Wealth LLC acquired a new stake in Selective Insurance Group in the 4th quarter valued at $82,000. Fifth Third Bancorp grew its position in Selective Insurance Group by 12.3% in the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 128 shares during the period. Finally, SG Americas Securities LLC raised its stake in Selective Insurance Group by 15.3% during the third quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock worth $177,000 after acquiring an additional 228 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

Selective Insurance Group Trading Up 0.7 %

SIGI traded up $0.64 during mid-day trading on Friday, reaching $96.41. The stock had a trading volume of 645,244 shares, compared to its average volume of 350,614. The firm’s fifty day simple moving average is $103.38 and its two-hundred day simple moving average is $102.59. The stock has a market capitalization of $5.86 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.71 and a beta of 0.55. Selective Insurance Group, Inc. has a 52 week low of $91.99 and a 52 week high of $109.58. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.30 and a current ratio of 0.30.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share (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 analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.44 earnings per share. On average, equities analysts predict that Selective Insurance Group, Inc. will post 7.49 EPS for the current year.

Selective Insurance Group Dividend Announcement

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

Insider Transactions at Selective Insurance Group

In other Selective Insurance Group news, COO Brenda M. Hall sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were 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 owns 10,511 shares of the company’s stock, valued at $1,112,904.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SIGI shares. Piper Sandler reaffirmed a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. JMP Securities reaffirmed a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Keefe, Bruyette & Woods reduced their target price 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. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price target on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, Royal Bank of Canada reduced their price objective on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.