Donegal Group (NASDAQ:DGICB) Shares Gap Up Following Dividend Announcement

Donegal Group, Inc. (NASDAQ:DGICB)’s share price gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $18.65, but opened at $19.85. Donegal Group shares last traded at $18.8750, with a volume of 2,622 shares.

The newly announced dividend which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be issued a dividend of $0.175 per share. This is a boost from Donegal Group’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, May 1st. This represents a $0.70 dividend on an annualized basis and a yield of 3.8%. Donegal Group’s dividend payout ratio (DPR) is currently 32.20%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Donegal Group in a research note on Friday, March 27th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

Donegal Group Stock Performance

The stock’s fifty day simple moving average is $16.72 and its 200-day simple moving average is $16.42. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.39 and a current ratio of 0.39. The company has a market capitalization of $686.94 million, a PE ratio of 9.06 and a beta of 0.04.

Donegal Group (NASDAQ:DGICB) last announced its earnings results on Thursday, February 19th. The insurance provider reported $0.46 earnings per share (EPS) for the quarter. The firm had revenue of $241.87 million during the quarter. Donegal Group had a net margin of 8.11% and a return on equity of 12.81%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Donegal Group stock. Raymond James Financial Inc. purchased a new stake in shares of Donegal Group, Inc. (NASDAQ:DGICB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,231 shares of the insurance provider’s stock, valued at approximately $93,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

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.