Donegal Group (NASDAQ:DGICA) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Donegal Group (NASDAQ:DGICA) released its earnings results on Thursday. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07, Zacks reports. The firm had revenue of $232.25 million for the quarter, compared to analyst estimates of $231.53 million. Donegal Group had a return on equity of 10.31% and a net margin of 6.77%.

Donegal Group Stock Up 2.3%

DGICA stock opened at $19.76 on Friday. The company has a 50 day moving average of $18.12 and a two-hundred day moving average of $17.88. The company has a market cap of $732.11 million and a price-to-earnings ratio of 11.04. Donegal Group has a 12-month low of $16.11 and a 12-month high of $21.06. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05.

Donegal Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.1925 dividend. The ex-dividend date is Friday, July 31st. This represents a $0.77 dividend on an annualized basis and a yield of 3.9%. Donegal Group’s dividend payout ratio is presently 43.02%.

Insider Activity at Donegal Group

In related news, major shareholder Mutual Insurance Co Donegal purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were acquired at an average cost of $16.62 per share, with a total value of $166,200.00. Following the completion of the purchase, the insider owned 14,117,109 shares of the company’s stock, valued at $234,626,351.58. The trade was a 0.07% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have acquired 139,487 shares of company stock worth $2,392,488. Insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its stake in shares of Donegal Group by 8.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,215 shares of the insurance provider’s stock worth $237,000 after purchasing an additional 1,000 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of Donegal Group in the 2nd quarter valued at approximately $218,000. Price T Rowe Associates Inc. MD acquired a new position in Donegal Group in the fourth quarter worth approximately $203,000. Mercer Global Advisors Inc. ADV acquired a new position in Donegal Group in the third quarter worth approximately $195,000. Finally, Russell Investments Group Ltd. raised its position in Donegal Group by 77.0% during the second quarter. Russell Investments Group Ltd. now owns 9,248 shares of the insurance provider’s stock valued at $185,000 after acquiring an additional 4,023 shares in the last quarter. Hedge funds and other institutional investors own 27.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Donegal Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Donegal Group Company Profile

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.