Donegal Group (NASDAQ:DGICA) Issues Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Donegal Group (NASDAQ:DGICA) issued its quarterly earnings results on Thursday. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.11, Zacks reports. Donegal Group had a net margin of 7.38% and a return on equity of 10.77%. The company had revenue of $232.25 million during the quarter, compared to the consensus estimate of $231.53 million.

Donegal Group Stock Down 0.1%

Shares of NASDAQ:DGICA opened at $19.74 on Friday. Donegal Group has a fifty-two week low of $16.11 and a fifty-two week high of $21.06. 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 firm’s 50-day simple moving average is $18.16 and its 200-day simple moving average is $17.90. The company has a market cap of $731.37 million and a price-to-earnings ratio of 10.23.

Donegal Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.1925 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $0.77 annualized dividend and a dividend yield of 3.9%. Donegal Group’s payout ratio is presently 43.02%.

Analyst Ratings Changes

DGICA has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded shares of Donegal Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Transactions at Donegal Group

In other news, major shareholder Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average price of $16.62 per share, for a total transaction of $166,200.00. Following the completion of the transaction, the insider directly owned 14,117,109 shares in the company, valued at approximately $234,626,351.58. This trade represents a 0.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 139,487 shares of company stock worth $2,392,488 over the last three months. Corporate insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Donegal Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Donegal Group by 4.0% during the third quarter. Vanguard Group Inc. now owns 1,008,217 shares of the insurance provider’s stock worth $19,549,000 after acquiring an additional 39,181 shares during the period. Geode Capital Management LLC increased its holdings in shares of Donegal Group by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 534,703 shares of the insurance provider’s stock valued at $10,685,000 after purchasing an additional 11,891 shares in the last quarter. State Street Corp increased its holdings in shares of Donegal Group by 0.8% in the 4th quarter. State Street Corp now owns 391,729 shares of the insurance provider’s stock valued at $7,827,000 after purchasing an additional 3,290 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Donegal Group by 1.6% in the fourth quarter. Renaissance Technologies LLC now owns 371,211 shares of the insurance provider’s stock valued at $7,417,000 after purchasing an additional 5,800 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Donegal Group by 117.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 236,124 shares of the insurance provider’s stock valued at $4,718,000 after purchasing an additional 127,470 shares during the period. Institutional investors and hedge funds own 27.96% of the company’s stock.

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.