Vaughan Nelson Investment Management L.P. Buys 124,860 Shares of Selective Insurance Group, Inc. (NASDAQ:SIGI)

Vaughan Nelson Investment Management L.P. grew its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 27.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 578,501 shares of the insurance provider’s stock after purchasing an additional 124,860 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.95% of Selective Insurance Group worth $63,155,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. AlphaMark Advisors LLC bought a new position in Selective Insurance Group during the first quarter worth $334,000. Ausbil Investment Management Ltd raised its position in shares of Selective Insurance Group by 14.6% in the 1st quarter. Ausbil Investment Management Ltd now owns 21,097 shares of the insurance provider’s stock worth $2,255,000 after acquiring an additional 2,693 shares in the last quarter. Procyon Advisors LLC lifted its stake in shares of Selective Insurance Group by 16.7% in the 1st quarter. Procyon Advisors LLC now owns 12,875 shares of the insurance provider’s stock valued at $1,406,000 after purchasing an additional 1,839 shares during the period. RMR Wealth Builders boosted its position in shares of Selective Insurance Group by 12.4% during the 1st quarter. RMR Wealth Builders now owns 2,547 shares of the insurance provider’s stock valued at $278,000 after purchasing an additional 281 shares in the last quarter. Finally, Ballentine Partners LLC acquired a new stake in Selective Insurance Group during the first quarter worth approximately $204,000. Institutional investors and hedge funds own 82.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SIGI. JMP Securities reissued a “market perform” rating on shares of Selective Insurance Group in a research note on Monday, April 15th. Piper Sandler restated a “neutral” rating and issued a $104.00 price target on shares of Selective Insurance Group in a report on Monday, April 1st. Oppenheimer reiterated an “outperform” rating and set a $120.00 price objective on shares of Selective Insurance Group in a report on Friday, April 5th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $103.00 target price on shares of Selective Insurance Group in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Selective Insurance Group currently has an average rating of “Hold” and an average target price of $107.20.

Selective Insurance Group Stock Up 0.5 %

NASDAQ SIGI traded up $0.44 on Tuesday, reaching $94.76. The company had a trading volume of 10,560 shares, compared to its average volume of 314,895. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $5.76 billion, a P/E ratio of 16.66, a P/E/G ratio of 0.85 and a beta of 0.54. The company’s fifty day moving average is $96.03 and its 200 day moving average is $100.32. Selective Insurance Group, Inc. has a 52-week low of $89.78 and a 52-week high of $109.58.

Selective Insurance Group (NASDAQ:SIGI) last released its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.55). Selective Insurance Group had a net margin of 8.02% and a return on equity of 13.73%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned $1.44 earnings per share. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. Sell-side analysts anticipate that Selective Insurance Group, Inc. will post 6.8 earnings per share for the current fiscal year.

Selective Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.35 per share. The ex-dividend date was Tuesday, May 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.48%. Selective Insurance Group’s payout ratio is 24.74%.

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.