Federated Hermes Inc. Decreases Stake in Selective Insurance Group, Inc. $SIGI

Federated Hermes Inc. lessened its position in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 38.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 9,835 shares of the insurance provider’s stock after selling 6,164 shares during the period. Federated Hermes Inc.’s holdings in Selective Insurance Group were worth $797,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. First Horizon Corp acquired a new position in shares of Selective Insurance Group during the third quarter worth $29,000. Amundi raised its stake in Selective Insurance Group by 398.7% in the first quarter. Amundi now owns 389 shares of the insurance provider’s stock valued at $36,000 after buying an additional 311 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Selective Insurance Group by 415.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 846 shares of the insurance provider’s stock worth $73,000 after buying an additional 682 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Selective Insurance Group by 362.1% during the 3rd quarter. Versant Capital Management Inc now owns 901 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 706 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Selective Insurance Group in the 2nd quarter valued at about $103,000. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating for the company in a research note on Tuesday, January 6th. Piper Sandler raised their price objective on shares of Selective Insurance Group from $79.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday. BMO Capital Markets cut shares of Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 target price for the company. in a report on Tuesday, October 28th. Royal Bank Of Canada started coverage on shares of Selective Insurance Group in a research report on Monday, November 24th. They issued an “outperform” rating and a $95.00 target price on the stock. Finally, Morgan Stanley boosted their price target on shares of Selective Insurance Group from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, November 17th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.00.

Selective Insurance Group Stock Up 0.2%

Shares of NASDAQ:SIGI opened at $90.10 on Friday. Selective Insurance Group, Inc. has a 1-year low of $71.75 and a 1-year high of $93.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $5.44 billion, a P/E ratio of 12.03 and a beta of 0.23. The firm has a fifty day moving average price of $82.95 and a 200 day moving average price of $80.46.

Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Thursday, January 29th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.33. Selective Insurance Group had a return on equity of 14.23% and a net margin of 8.74%.The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the previous year, the company posted $1.62 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts predict 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 will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.72 annualized dividend and a dividend yield of 1.9%. Selective Insurance Group’s payout ratio is presently 22.96%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.