Selective Insurance Group, Inc. $SIGI Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 38.5% during the third quarter, according to its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Selective Insurance Group by 174.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,593,645 shares of the insurance provider’s stock valued at $137,340,000 after acquiring an additional 1,013,371 shares during the last quarter. Boston Trust Walden Corp raised its stake in Selective Insurance Group by 6.0% during the second quarter. Boston Trust Walden Corp now owns 1,109,922 shares of the insurance provider’s stock worth $96,175,000 after purchasing an additional 63,255 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Selective Insurance Group by 0.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 897,554 shares of the insurance provider’s stock valued at $77,773,000 after purchasing an additional 5,683 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Selective Insurance Group by 40.0% in the 2nd quarter. Bank of America Corp DE now owns 725,980 shares of the insurance provider’s stock valued at $62,906,000 after buying an additional 207,258 shares during the period. Finally, Norges Bank acquired a new stake in shares of Selective Insurance Group during the 2nd quarter worth approximately $61,437,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Trading Up 0.2%

NASDAQ SIGI opened at $90.10 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 12.03 and a beta of 0.23. The firm has a 50 day simple moving average of $82.95 and a 200-day simple moving average of $80.46. Selective Insurance Group, Inc. has a one year low of $71.75 and a one year high of $93.38.

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, topping analysts’ consensus estimates of $2.24 by $0.33. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.36 billion. Selective Insurance Group had a net margin of 8.74% and a return on equity of 14.23%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 EPS. Equities research analysts anticipate that Selective Insurance Group, Inc. will post 7.62 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a dividend of $0.43 per share. The ex-dividend date is Friday, February 13th. This represents a $1.72 annualized dividend and a yield of 1.9%. Selective Insurance Group’s dividend payout ratio is 22.96%.

Analyst Upgrades and Downgrades

SIGI has been the topic of a number of recent analyst reports. Piper Sandler upped their price objective on Selective Insurance Group from $79.00 to $86.00 and gave the company a “neutral” rating in a report on Monday. BMO Capital Markets lowered Selective Insurance Group from an “outperform” rating to a “market perform” rating and set a $81.00 price target on the stock. in a research note on Tuesday, October 28th. Royal Bank Of Canada assumed coverage on Selective Insurance Group in a report on Monday, November 24th. They set an “outperform” rating and a $95.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective on shares of Selective Insurance Group from $82.00 to $81.00 and set a “market perform” rating on the stock in a report on Tuesday, January 6th. Finally, Morgan Stanley increased their target price on shares of Selective Insurance Group from $70.00 to $72.00 and gave the stock an “underweight” rating in a research note on Monday, November 17th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.00.

About Selective Insurance Group

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.