Channing Capital Management LLC Sells 208,246 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Channing Capital Management LLC lowered its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 28.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 533,473 shares of the insurance provider's stock after selling 208,246 shares during the period. Channing Capital Management LLC owned about 0.88% of Selective Insurance Group worth $49,890,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SIGI. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Selective Insurance Group by 11.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,998 shares of the insurance provider's stock worth $1,590,000 after buying an additional 1,706 shares during the period. Dundas Partners LLP increased its holdings in Selective Insurance Group by 21.5% during the 4th quarter. Dundas Partners LLP now owns 4,294 shares of the insurance provider's stock valued at $402,000 after purchasing an additional 761 shares during the period. Inceptionr LLC increased its holdings in Selective Insurance Group by 200.0% during the 4th quarter. Inceptionr LLC now owns 21,446 shares of the insurance provider's stock valued at $2,006,000 after purchasing an additional 14,297 shares during the period. Raymond James Financial Inc. purchased a new position in Selective Insurance Group during the 4th quarter valued at about $69,504,000. Finally, Arizona State Retirement System increased its holdings in Selective Insurance Group by 0.7% during the 4th quarter. Arizona State Retirement System now owns 17,628 shares of the insurance provider's stock valued at $1,649,000 after purchasing an additional 123 shares during the period. Institutional investors own 82.88% of the company's stock.

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Analysts Set New Price Targets

Several analysts have weighed in on SIGI shares. Morgan Stanley cut their price objective on Selective Insurance Group from $95.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. JMP Securities reaffirmed a "market perform" rating on shares of Selective Insurance Group in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $93.00 price objective (down from $116.00) on shares of Selective Insurance Group in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $98.71.

Selective Insurance Group Stock Performance

Shares of Selective Insurance Group stock traded up $2.35 during trading on Friday, hitting $87.80. 366,135 shares of the company's stock traded hands, compared to its average volume of 359,365. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.34 and a quick ratio of 0.34. Selective Insurance Group, Inc. has a 1 year low of $78.13 and a 1 year high of $109.58. The stock has a market capitalization of $5.34 billion, a P/E ratio of 27.27 and a beta of 0.54. The business has a 50-day simple moving average of $87.08 and a 200-day simple moving average of $91.84.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $1.62 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.37). Selective Insurance Group had a net margin of 4.26% and a return on equity of 7.33%. As a group, analysts forecast that Selective Insurance Group, Inc. will post 7.62 EPS for the current year.

Selective Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.52 annualized dividend and a yield of 1.73%. Selective Insurance Group's payout ratio is 47.20%.

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.