Federated Hermes Inc. Lowers Holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI)

Federated Hermes Inc. trimmed its holdings in Selective Insurance Group, Inc. (NASDAQ:SIGI) by 13.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 43,763 shares of the insurance provider’s stock after selling 6,694 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Selective Insurance Group worth $4,354,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SIGI. Blue Trust Inc. boosted its position in shares of Selective Insurance Group by 68.9% during the fourth quarter. Blue Trust Inc. now owns 255 shares of the insurance provider’s stock worth $27,000 after buying an additional 104 shares during the period. Headinvest LLC purchased a new position in shares of Selective Insurance Group during the third quarter worth $62,000. Morton Brown Family Wealth LLC purchased a new position in shares of Selective Insurance Group during the fourth quarter worth $82,000. Fifth Third Bancorp boosted its position in shares of Selective Insurance Group by 12.3% during the third quarter. Fifth Third Bancorp now owns 1,169 shares of the insurance provider’s stock worth $121,000 after buying an additional 128 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Selective Insurance Group by 15.3% during the third quarter. SG Americas Securities LLC now owns 1,718 shares of the insurance provider’s stock worth $177,000 after buying an additional 228 shares during the period. 82.88% of the stock is currently owned by hedge funds and other institutional investors.

Selective Insurance Group Stock Down 1.5 %

Selective Insurance Group stock opened at $100.13 on Friday. Selective Insurance Group, Inc. has a 1-year low of $91.99 and a 1-year high of $109.58. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $6.09 billion, a PE ratio of 17.17, a P/E/G ratio of 0.75 and a beta of 0.55. The stock’s fifty day moving average is $103.72 and its two-hundred day moving average is $102.78.

Selective Insurance Group (NASDAQ:SIGI) last posted its earnings results on Wednesday, January 31st. The insurance provider reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.92 by $0.02. Selective Insurance Group had a return on equity of 14.43% and a net margin of 8.57%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. On average, sell-side analysts expect that Selective Insurance Group, Inc. will post 7.67 EPS for the current fiscal year.

Selective Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is currently 24.01%.

Insider Transactions at Selective Insurance Group

In other news, COO Brenda M. Hall sold 2,626 shares of Selective Insurance Group stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $105.88, for a total transaction of $278,040.88. Following the sale, the chief operating officer now owns 10,511 shares in the company, valued at $1,112,904.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

SIGI has been the subject of a number of recent research reports. Oppenheimer reiterated an “outperform” rating and issued a $120.00 target price on shares of Selective Insurance Group in a report on Friday, April 5th. Royal Bank of Canada decreased their target price on Selective Insurance Group from $108.00 to $105.00 and set a “sector perform” rating for the company in a report on Friday, February 2nd. JMP Securities reiterated a “market perform” rating on shares of Selective Insurance Group in a report on Monday, April 15th. Keefe, Bruyette & Woods decreased their target price on Selective Insurance Group from $111.00 to $109.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $104.00 target price on shares of Selective Insurance Group in a report on Monday, April 1st. One equities research 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’s stock. Based on data from MarketBeat, Selective Insurance Group presently has a consensus rating of “Hold” and an average target price of $105.17.

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.