Zacks Investment Research lowered shares of Donegal Group, Inc. (NASDAQ:DGICA) from a hold rating to a strong sell rating in a report published on Friday.

According to Zacks, “Donegal Group Inc. is a regional property-casualty insurance holding company doing business in Mid-Atlantic and Southern states through its insurance subsidiaries: Atlantic States Insurance Company, Southern Heritage Insurance Company, Southern Insurance Company of Virginia, Delaware Atlantic Insurance Company, Pioneer Insurance Company, Ohio and Pioneer Insurance Company, New York. “

DGICA has been the topic of several other reports. Boenning Scattergood reaffirmed a hold rating on shares of Donegal Group in a research report on Friday, July 14th. BidaskClub cut Donegal Group from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. TheStreet cut Donegal Group from a b- rating to a c+ rating in a research report on Wednesday, August 9th. Finally, Keefe, Bruyette & Woods set a $18.00 price objective on Donegal Group and gave the company a hold rating in a research report on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $18.00.

Donegal Group (NASDAQ DGICA) traded up 0.06% on Friday, reaching $16.21. The company had a trading volume of 14,035 shares. The firm has a market capitalization of $442.89 million, a price-to-earnings ratio of 34.34 and a beta of 0.31. Donegal Group has a one year low of $14.49 and a one year high of $18.55. The company’s 50 day moving average is $15.76 and its 200-day moving average is $15.90.

Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings data on Wednesday, July 19th. The insurance provider reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.04). The firm had revenue of $182.48 million for the quarter, compared to the consensus estimate of $185.20 million. Donegal Group had a net margin of 1.84% and a return on equity of 2.24%. On average, equities research analysts expect that Donegal Group will post $0.55 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in DGICA. Russell Investments Group Ltd. lifted its holdings in shares of Donegal Group by 45.8% during the second quarter. Russell Investments Group Ltd. now owns 7,636 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,400 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Donegal Group by 0.4% during the second quarter. Rhumbline Advisers now owns 11,052 shares of the insurance provider’s stock valued at $176,000 after purchasing an additional 40 shares during the last quarter. Hancock Holding Co. lifted its holdings in shares of Donegal Group by 4.4% during the second quarter. Hancock Holding Co. now owns 11,470 shares of the insurance provider’s stock valued at $182,000 after purchasing an additional 480 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Donegal Group by 78.7% during the second quarter. The Manufacturers Life Insurance Company now owns 11,817 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 5,203 shares during the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of Donegal Group by 12.6% during the fourth quarter. Teachers Advisors LLC now owns 13,833 shares of the insurance provider’s stock valued at $242,000 after purchasing an additional 1,549 shares during the last quarter. Hedge funds and other institutional investors own 29.48% of the company’s stock.

About Donegal Group

Donegal Group Inc (DGI) is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance. The Company offered its insurance business to various businesses and individuals in 21 Mid-Atlantic, Midwestern, New England and Southern states, as of December 31, 2016.

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