Donegal Group (NASDAQ:DGICB) Shares Gap Up – Here’s Why

Donegal Group, Inc. (NASDAQ:DGICB) shares gapped up prior to trading on Tuesday . The stock had previously closed at $22.15, but opened at $24.49. Donegal Group shares last traded at $22.99, with a volume of 2,550 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Donegal Group in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Donegal Group Price Performance

The company has a 50-day moving average of $21.01 and a 200 day moving average of $18.50. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $851.41 million, a PE ratio of 13.60 and a beta of 0.04.

Donegal Group (NASDAQ:DGICB) last issued its earnings results on Thursday, April 30th. The insurance provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.15). 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.

Donegal Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $0.70 dividend on an annualized basis and a yield of 3.0%. Donegal Group’s payout ratio is 41.42%.

Institutional Investors Weigh In On Donegal Group

A hedge fund recently bought a new position in Donegal Group stock. Raymond James Financial Inc. purchased a new stake in Donegal Group, Inc. (NASDAQ:DGICB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 5,231 shares of the insurance provider’s stock, valued at approximately $93,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

About Donegal Group

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles.