Chartwell Investment Partners LLC Trims Stake in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Chartwell Investment Partners LLC cut its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 9.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,341 shares of the insurance provider's stock after selling 11,179 shares during the period. Chartwell Investment Partners LLC owned about 0.18% of Selective Insurance Group worth $10,108,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Crossmark Global Holdings Inc. grew its holdings in shares of Selective Insurance Group by 17.1% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,585 shares of the insurance provider's stock valued at $428,000 after buying an additional 669 shares during the period. Financial Strategies Group Inc. raised its holdings in shares of Selective Insurance Group by 27.3% during the third quarter. Financial Strategies Group Inc. now owns 5,019 shares of the insurance provider's stock worth $481,000 after acquiring an additional 1,075 shares during the period. Emerald Advisers LLC acquired a new position in Selective Insurance Group in the 3rd quarter worth $11,767,000. Van ECK Associates Corp boosted its position in Selective Insurance Group by 40.0% during the third quarter. Van ECK Associates Corp now owns 34,759 shares of the insurance provider's stock valued at $3,313,000 after purchasing an additional 9,931 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of Selective Insurance Group in the third quarter valued at $8,656,000. 82.88% of the stock is owned by institutional investors.

Selective Insurance Group Stock Up 1.5 %

Selective Insurance Group stock traded up $1.45 during mid-day trading on Monday, reaching $101.33. 103,362 shares of the company were exchanged, compared to its average volume of 355,576. The firm has a market cap of $6.16 billion, a P/E ratio of 26.92, a PEG ratio of 1.68 and a beta of 0.57. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.35 and a current ratio of 0.35. Selective Insurance Group, Inc. has a 12-month low of $81.00 and a 12-month high of $109.58. The business has a fifty day moving average of $92.70 and a 200 day moving average of $92.87.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a net margin of 5.01% and a return on equity of 8.11%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The business's quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts anticipate that Selective Insurance Group, Inc. will post 3.66 earnings per share for the current fiscal year.

Selective Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.38 per share. This is a positive change from Selective Insurance Group's previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a yield of 1.50%. The ex-dividend date is Friday, November 15th. Selective Insurance Group's dividend payout ratio is currently 37.74%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. BMO Capital Markets upgraded Selective Insurance Group from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $95.00 to $105.00 in a research note on Wednesday, October 30th. Royal Bank of Canada increased their price target on Selective Insurance Group from $96.00 to $99.00 and gave the stock a "sector perform" rating in a report on Wednesday, October 23rd. JMP Securities reissued a "market perform" rating on shares of Selective Insurance Group in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods raised Selective Insurance Group from a "market perform" rating to an "outperform" rating and dropped their price objective for the stock from $104.00 to $99.00 in a report on Monday, July 22nd. Finally, Piper Sandler decreased their price target on shares of Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $101.67.

Insider Buying and Selling at Selective Insurance Group

In related news, CAO Anthony D. Harnett sold 1,404 shares of Selective Insurance Group stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $92.61, for a total value of $130,024.44. Following the completion of the sale, the chief accounting officer now directly owns 15,946 shares in the company, valued at $1,476,759.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by company insiders.

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.