Donegal Group (NASDAQ:DGICA) Major Shareholder Acquires $142,460.00 in Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal acquired 8,500 shares of the stock in a transaction dated Monday, June 1st. The stock was bought at an average price of $16.76 per share, with a total value of $142,460.00. Following the purchase, the insider directly owned 14,107,109 shares in the company, valued at $236,435,146.84. This represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Wednesday, June 3rd, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The stock was bought at an average price of $16.62 per share, with a total value of $166,200.00.
• On Thursday, May 28th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The stock was bought at an average price of $16.98 per share, with a total value of $144,330.00.
• On Tuesday, May 26th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The stock was bought at an average price of $17.33 per share, with a total value of $147,305.00.
• On Friday, May 22nd, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The stock was bought at an average price of $17.40 per share, with a total value of $147,900.00.
• On Wednesday, May 20th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The stock was bought at an average price of $17.43 per share, with a total value of $148,155.00.
• On Tuesday, May 19th, Mutual Insurance Co Donegal acquired 8,328 shares of Donegal Group stock. The stock was bought at an average price of $17.48 per share, with a total value of $145,573.44.
• On Monday, May 18th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The stock was acquired at an average cost of $17.33 per share, with a total value of $147,305.00.
• On Friday, May 15th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The stock was acquired at an average cost of $17.16 per share, with a total value of $145,860.00.
• On Wednesday, May 13th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The stock was acquired at an average cost of $16.86 per share, with a total value of $143,310.00.
• On Monday, May 11th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The stock was acquired at an average cost of $17.18 per share, with a total value of $146,030.00.

Donegal Group Stock Performance

NASDAQ DGICA opened at $16.72 on Friday. The company has a fifty day simple moving average of $17.23 and a 200 day simple moving average of $18.35. Donegal Group, Inc. has a 12-month low of $16.11 and a 12-month high of $21.06. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.05. The company has a market cap of $619.55 million, a P/E ratio of 9.34 and a beta of 0.01.

Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings results on Thursday, April 30th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.08). Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. The business had revenue of $236.00 million during the quarter, compared to analyst estimates of $247.83 million. Sell-side analysts predict that Donegal Group, Inc. will post 1.75 earnings per share for the current fiscal year.

Donegal Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a $0.1925 dividend. This represents a $0.77 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Friday, May 1st. This is an increase from Donegal Group’s previous quarterly dividend of $0.18. Donegal Group’s payout ratio is 43.02%.

Institutional Investors Weigh In On Donegal Group

Hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its stake in shares of Donegal Group by 576.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,747 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 2,341 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Donegal Group by 422.6% during the 2nd 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 during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of 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. IFP Advisors Inc raised its stake in shares of Donegal Group by 1,377.6% during the 4th quarter. IFP Advisors Inc now owns 3,768 shares of the insurance provider’s stock worth $75,000 after purchasing an additional 3,513 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of 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 worth $99,000 after purchasing an additional 4,022 shares during the period. 27.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on DGICA. Weiss Ratings downgraded shares of Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Keefe, Bruyette & Woods cut their price objective on shares of Donegal Group from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.00.

Donegal Group Company Profile

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.