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 bought 8,500 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was purchased at an average cost of $16.76 per share, for a total transaction of $142,460.00. Following the completion of the transaction, the insider owned 14,098,609 shares in the company, valued at $236,292,686.84. This trade represents a 0.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major 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 Thursday, May 28th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $16.98 per share, for a total transaction of $144,330.00.
• On Tuesday, May 26th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.33 per share, for a total transaction of $147,305.00.
• On Friday, May 22nd, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.40 per share, for a total transaction of $147,900.00.
• On Wednesday, May 20th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.43 per share, for a total transaction of $148,155.00.
• On Tuesday, May 19th, Mutual Insurance Co Donegal bought 8,328 shares of Donegal Group stock. The stock was purchased at an average cost of $17.48 per share, for a total transaction of $145,573.44.
• On Monday, May 18th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.33 per share, for a total transaction of $147,305.00.
• On Friday, May 15th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.16 per share, for a total transaction of $145,860.00.
• On Wednesday, May 13th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $16.86 per share, for a total transaction of $143,310.00.
• On Monday, May 11th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was purchased at an average cost of $17.18 per share, for a total transaction of $146,030.00.
• On Friday, May 8th, Mutual Insurance Co Donegal bought 8,077 shares of Donegal Group stock. The stock was purchased at an average cost of $17.13 per share, for a total transaction of $138,359.01.

Donegal Group Price Performance

NASDAQ DGICA opened at $16.54 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.39 and a quick ratio of 0.39. The stock’s fifty day moving average price is $17.24 and its 200 day moving average price is $18.37. Donegal Group, Inc. has a 1 year low of $16.11 and a 1 year high of $21.06. The company has a market cap of $612.81 million, a price-to-earnings ratio of 9.24 and a beta of 0.01.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings results 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 analyst estimates 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 research analysts forecast that Donegal Group, Inc. will post 1.75 earnings per share for the current year.

Donegal Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given 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 yield of 4.7%. This is an increase from Donegal Group’s previous quarterly dividend of $0.18. Donegal Group’s payout ratio is 43.02%.

Institutional Investors Weigh In On Donegal Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its stake in shares of Donegal Group by 579.4% during the 4th quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider’s stock worth $3,394,000 after acquiring an additional 144,853 shares in the last quarter. Sierra Summit Advisors LLC purchased a new stake in shares of Donegal Group during the 3rd quarter worth about $799,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Donegal Group during the 4th quarter worth about $408,000. SG Americas Securities LLC purchased a new stake in shares of Donegal Group during the 4th quarter worth about $112,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Donegal Group by 171.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 22,712 shares of the insurance provider’s stock worth $440,000 after acquiring an additional 14,352 shares in the last quarter. 27.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on DGICA shares. Weiss Ratings downgraded Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods cut their price target on Donegal Group from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Donegal Group has a consensus rating of “Hold” and an average target price of $18.00.

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.