Spark Investment Management LLC cut its position in Donegal Group, Inc. (NASDAQ:DGICA) by 37.4% during the second quarter, Holdings Channel reports. The fund owned 22,100 shares of the insurance provider’s stock after selling 13,200 shares during the period. Spark Investment Management LLC’s holdings in Donegal Group were worth $351,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of DGICA. State Street Corp raised its position in Donegal Group by 15.1% in the fourth quarter. State Street Corp now owns 175,180 shares of the insurance provider’s stock worth $3,062,000 after buying an additional 22,978 shares during the period. Teachers Advisors LLC raised its position in Donegal Group by 12.6% in the fourth quarter. Teachers Advisors LLC now owns 13,833 shares of the insurance provider’s stock worth $242,000 after buying an additional 1,549 shares during the period. Naples Global Advisors LLC acquired a new position in Donegal Group during the first quarter worth $327,000. Sit Investment Associates Inc. raised its position in Donegal Group by 290.3% in the first quarter. Sit Investment Associates Inc. now owns 24,200 shares of the insurance provider’s stock worth $426,000 after buying an additional 18,000 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in Donegal Group by 6.4% in the first quarter. Janney Montgomery Scott LLC now owns 71,959 shares of the insurance provider’s stock worth $1,268,000 after buying an additional 4,332 shares during the period. Institutional investors and hedge funds own 28.58% of the company’s stock.

Donegal Group, Inc. (NASDAQ:DGICA) opened at 15.30 on Tuesday. Donegal Group, Inc. has a 52-week low of $14.49 and a 52-week high of $18.55. The company’s 50 day moving average is $15.32 and its 200-day moving average is $16.24. The company has a market capitalization of $418.03 million, a price-to-earnings ratio of 32.42 and a beta of 0.31.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings results on Wednesday, July 19th. The insurance provider reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.04. The firm had revenue of $182.48 million during the quarter, compared to the consensus estimate of $185.20 million. Donegal Group had a return on equity of 2.24% and a net margin of 1.84%. Equities analysts anticipate that Donegal Group, Inc. will post $0.63 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Friday, July 28th. Donegal Group’s payout ratio is 114.29%.

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A number of research firms have weighed in on DGICA. BidaskClub lowered shares of Donegal Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.00 price objective on shares of Donegal Group in a research note on Friday, July 14th. TheStreet lowered shares of Donegal Group from a “b-” rating to a “c+” rating in a research report on Wednesday, August 9th. Boenning Scattergood began coverage on shares of Donegal Group in a research report on Thursday, May 25th. They set a “neutral” rating on the stock. Finally, Zacks Investment Research lowered shares of Donegal Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $19.00.

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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Institutional Ownership by Quarter for Donegal Group (NASDAQ:DGICA)

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