Donegal Group (NASDAQ:DGICA) Issues Earnings Results

Donegal Group (NASDAQ:DGICA) released its quarterly earnings data on Thursday. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.02), FiscalAI reports. Donegal Group had a net margin of 8.72% and a return on equity of 14.28%. The company had revenue of $240.14 million for the quarter, compared to the consensus estimate of $241.10 million.

Donegal Group Trading Down 4.9%

Shares of NASDAQ:DGICA traded down $0.91 during trading on Thursday, hitting $17.71. The company had a trading volume of 49,061 shares, compared to its average volume of 112,550. The stock has a market cap of $648.71 million, a price-to-earnings ratio of 7.34 and a beta of 0.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.39 and a quick ratio of 0.39. The company has a fifty day simple moving average of $19.43 and a two-hundred day simple moving average of $19.10. Donegal Group has a one year low of $15.05 and a one year high of $21.12.

Donegal Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 3rd were given a dividend of $0.1825 per share. The ex-dividend date was Tuesday, February 3rd. This represents a $0.73 dividend on an annualized basis and a yield of 4.1%. Donegal Group’s dividend payout ratio is 30.17%.

Insider Activity at Donegal Group

In other news, major shareholder Mutual Insurance Co Donegal purchased 22,819 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was purchased at an average cost of $20.05 per share, with a total value of $457,520.95. Following the purchase, the insider owned 13,913,704 shares in the company, valued at approximately $278,969,765.20. This trade represents a 0.16% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin Michael Sr Kraft, Sr. sold 4,500 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $20.02, for a total transaction of $90,090.00. Following the transaction, the director owned 13,436 shares in the company, valued at $268,988.72. The trade was a 25.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have purchased 157,747 shares of company stock worth $3,033,510 and have sold 17,174 shares worth $346,833. 6.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its position in Donegal Group by 576.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,747 shares of the insurance provider’s stock valued at $55,000 after buying an additional 2,341 shares during the period. EverSource Wealth Advisors LLC grew its stake in Donegal Group by 422.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,679 shares of the insurance provider’s stock worth $74,000 after purchasing an additional 2,975 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Donegal Group by 31.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 3,733 shares of the insurance provider’s stock worth $75,000 after purchasing an additional 896 shares during the period. Tower Research Capital LLC TRC raised its position in Donegal Group by 443.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,928 shares of the insurance provider’s stock valued at $99,000 after purchasing an additional 4,022 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Donegal Group in the 2nd quarter worth $101,000. Hedge funds and other institutional investors own 27.96% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on DGICA. Keefe, Bruyette & Woods increased their price objective on shares of Donegal Group from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Donegal Group in a research note on Wednesday, January 21st. Finally, Zacks Research cut Donegal Group from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.00.

About Donegal Group

Donegal Group, Inc (NASDAQ: DGICA) is a property and casualty insurance holding company headquartered in Marietta, Pennsylvania. Through a network of independent agencies, the company offers a suite of personal and commercial insurance products. Its underwriting subsidiaries provide homeowners, automobile, farmowner, commercial multi-peril, surety and umbrella coverages designed to meet the needs of individuals, families and businesses.

The company’s origins date back to 1925 with the formation of Donegal Mutual Insurance Company to serve rural communities in Pennsylvania.