Vaughan Nelson Investment Management L.P. Grows Stock Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Vaughan Nelson Investment Management L.P. lifted its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI - Free Report) by 16.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 717,946 shares of the insurance provider's stock after purchasing an additional 101,045 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 1.18% of Selective Insurance Group worth $66,984,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in shares of Selective Insurance Group by 81.5% in the second quarter. GAMMA Investing LLC now owns 323 shares of the insurance provider's stock worth $30,000 after buying an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Selective Insurance Group by 2.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,510 shares of the insurance provider's stock worth $705,000 after acquiring an additional 205 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Selective Insurance Group by 5.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,086 shares of the insurance provider's stock worth $446,000 after acquiring an additional 216 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Selective Insurance Group by 2.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,451 shares of the insurance provider's stock worth $1,262,000 after acquiring an additional 266 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Selective Insurance Group by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,166 shares of the insurance provider's stock valued at $1,415,000 after purchasing an additional 277 shares during the last quarter. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Anthony D. Harnett sold 1,404 shares of the business's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $92.61, for a total transaction 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 approximately $1,476,759.06. The trade was a 8.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company's stock.

Selective Insurance Group Price Performance

Shares of SIGI stock traded up $0.29 during mid-day trading on Friday, hitting $98.94. 199,463 shares of the stock were exchanged, compared to its average volume of 464,568. The company has a market cap of $6.01 billion, a PE ratio of 26.67 and a beta of 0.57. The firm has a fifty day moving average of $93.64 and a 200 day moving average of $92.87. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. Selective Insurance Group, Inc. has a 52-week low of $81.00 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI - Get Free Report) last announced its earnings results on Monday, October 21st. The insurance provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.29). Selective Insurance Group had a return on equity of 8.11% and a net margin of 5.01%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The company's quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts anticipate that Selective Insurance Group, Inc. will post 3.63 earnings per share for the current year.

Selective Insurance Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.54%. This is an increase from Selective Insurance Group's previous quarterly dividend of $0.35. The ex-dividend date is Friday, November 15th. Selective Insurance Group's dividend payout ratio (DPR) is presently 37.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SIGI shares. Bank of America lifted their target price on Selective Insurance Group from $96.00 to $102.00 and gave the stock an "underperform" rating in a report on Tuesday, October 22nd. Royal Bank of Canada upped their price objective on shares of Selective Insurance Group from $96.00 to $99.00 and gave the company a "sector perform" rating in a report on Wednesday, October 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $95.00 to $105.00 in a report on Wednesday, October 30th. JMP Securities restated a "market perform" rating on shares of Selective Insurance Group in a research report on Tuesday, July 23rd. Finally, Piper Sandler cut their price target on Selective Insurance Group from $104.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Selective Insurance Group currently has a consensus rating of "Hold" and an average price target of $101.67.

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.