Zacks Investment Research downgraded shares of Donegal Group, Inc. (NASDAQ:DGICA) from a hold rating to a strong sell rating in a report released on Tuesday morning.

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. “

Several other research analysts have also recently commented on the stock. Boenning Scattergood started coverage on shares of Donegal Group in a report on Thursday, May 25th. They set a neutral rating on the stock. BidaskClub cut shares of Donegal Group from a sell rating to a strong sell rating in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $19.00 target price on shares of Donegal Group in a report on Friday, July 14th.

Donegal Group (DGICA) traded up 2.36% during midday trading on Tuesday, hitting $15.18. The stock had a trading volume of 73,993 shares. Donegal Group has a 1-year low of $14.49 and a 1-year high of $18.55. The company’s 50 day moving average is $15.64 and its 200 day moving average is $16.41. The company has a market cap of $414.13 million, a price-to-earnings ratio of 32.16 and a beta of 0.32.

Donegal Group (NASDAQ:DGICA) last announced its earnings results on Wednesday, July 19th. The insurance provider reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.04. Donegal Group had a return on equity of 2.24% and a net margin of 1.84%. The business had revenue of $182.48 million for the quarter, compared to the consensus estimate of $185.20 million. On average, equities analysts anticipate that Donegal Group will post $0.65 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, July 28th. This represents a $0.56 annualized dividend and a dividend yield of 3.69%. Donegal Group’s dividend payout ratio is presently 114.29%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Donegal Group by 164.0% in the first quarter. Geode Capital Management LLC now owns 162,857 shares of the insurance provider’s stock valued at $2,869,000 after buying an additional 101,177 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Donegal Group by 22.2% in the fourth quarter. Renaissance Technologies LLC now owns 333,000 shares of the insurance provider’s stock valued at $5,821,000 after buying an additional 60,443 shares in the last quarter. Philadelphia Trust Co. boosted its position in shares of Donegal Group by 13.8% in the fourth quarter. Philadelphia Trust Co. now owns 484,113 shares of the insurance provider’s stock valued at $8,462,000 after buying an additional 58,579 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Donegal Group by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,580,912 shares of the insurance provider’s stock valued at $27,634,000 after buying an additional 28,649 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Donegal Group by 37.7% in the second quarter. Janney Montgomery Scott LLC now owns 99,092 shares of the insurance provider’s stock valued at $1,576,000 after buying an additional 27,133 shares in the last quarter. 29.37% of the stock is currently owned by institutional investors.

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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