Mutual Insurance Co Donegal Purchases 8,500 Shares of Donegal Group (NASDAQ:DGICA) Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal purchased 8,500 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $16.86 per share, with a total value of $143,310.00. Following the completion of the purchase, the insider owned 13,996,781 shares in the company, valued at $235,985,727.66. This represents a 0.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, May 11th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The shares were purchased at an average cost of $17.18 per share, with a total value of $146,030.00.
• On Friday, May 8th, Mutual Insurance Co Donegal purchased 8,077 shares of Donegal Group stock. The shares were purchased at an average cost of $17.13 per share, with a total value of $138,359.01.
• On Thursday, May 7th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The shares were purchased at an average cost of $17.06 per share, with a total value of $145,010.00.
• On Tuesday, May 5th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The shares were purchased at an average cost of $16.50 per share, with a total value of $140,250.00.
• On Tuesday, March 3rd, Mutual Insurance Co Donegal purchased 9,000 shares of Donegal Group stock. The shares were purchased at an average cost of $17.63 per share, with a total value of $158,670.00.

Donegal Group Stock Performance

DGICA opened at $17.08 on Friday. The firm has a market cap of $632.81 million, a PE ratio of 9.54 and a beta of 0.01. 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 business has a fifty day simple moving average of $17.20 and a 200-day simple moving average of $18.55. Donegal Group, Inc. has a fifty-two week low of $16.11 and a fifty-two week high of $21.12.

Donegal Group (NASDAQ:DGICA) last released its quarterly earnings data on Thursday, April 30th. The insurance provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.08). The company had revenue of $236.00 million for the quarter, compared to the consensus estimate of $247.83 million. Donegal Group had a return on equity of 10.31% and a net margin of 6.77%. As a group, equities analysts predict that Donegal Group, Inc. will post 1.7 EPS for the current fiscal year.

Donegal Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a dividend of $0.1925 per share. The ex-dividend date of this dividend was Friday, May 1st. This represents a $0.77 annualized dividend and a dividend yield of 4.5%. This is a boost from Donegal Group’s previous quarterly dividend of $0.18. Donegal Group’s dividend payout ratio is 43.02%.

Analyst Ratings Changes

DGICA has been the subject of several research reports. Keefe, Bruyette & Woods reduced their price objective on Donegal Group from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Friday, May 1st. Weiss Ratings lowered Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.00.

Institutional Trading of Donegal Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in shares of Donegal Group by 5.8% in the first quarter. Renaissance Technologies LLC now owns 392,711 shares of the insurance provider’s stock worth $6,747,000 after buying an additional 21,500 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Donegal Group by 41.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock worth $4,746,000 after buying an additional 80,614 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Donegal Group by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,737,266 shares of the insurance provider’s stock worth $29,846,000 after buying an additional 7,345 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Donegal Group by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 166,616 shares of the insurance provider’s stock worth $2,862,000 after buying an additional 9,075 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Donegal Group by 44.9% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 36,749 shares of the insurance provider’s stock worth $631,000 after buying an additional 11,386 shares during the period. Institutional investors and hedge funds own 27.96% of the company’s stock.

About Donegal Group

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.