Donegal Group (NASDAQ:DGICB) Shares Gap Down – Here’s Why

Donegal Group, Inc. (NASDAQ:DGICB) gapped down prior to trading on Thursday . The stock had previously closed at $24.64, but opened at $23.17. Donegal Group shares last traded at $23.8450, with a volume of 208 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Donegal Group in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold”.

Donegal Group Trading Up 3.0%

The business has a 50-day moving average of $23.21 and a 200 day moving average of $19.69. The stock has a market cap of $885.87 million, a PE ratio of 13.41 and a beta of 0.03. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.39 and a current ratio of 0.39.

Donegal Group (NASDAQ:DGICB) last posted its quarterly earnings data on Thursday, July 30th. The insurance provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. Donegal Group had a net margin of 7.38% and a return on equity of 10.65%. The business had revenue of $232.25 million during the quarter, compared to analyst estimates of $231.53 million.

Donegal Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, July 31st. Donegal Group’s dividend payout ratio is currently 39.33%.

Institutional Investors Weigh In On Donegal Group

An institutional investor recently bought a new position in Donegal Group stock. Raymond James Financial Inc. bought a new stake in Donegal Group, Inc. (NASDAQ:DGICB) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,231 shares of the insurance provider’s stock, valued at approximately $93,000. 1.19% of the stock is currently owned by hedge funds and other institutional investors.

About Donegal Group

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles.