Mutual Insurance Co Donegal Buys 8,500 Shares of Donegal Group (NASDAQ:DGICA) Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal acquired 8,500 shares of the business’s stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $17.18 per share, for a total transaction of $146,030.00. Following the acquisition, the insider directly owned 13,979,781 shares in the company, valued at $240,172,637.58. This represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Friday, May 8th, Mutual Insurance Co Donegal bought 8,077 shares of Donegal Group stock. The stock was acquired at an average cost of $17.13 per share, for a total transaction of $138,359.01.
• On Thursday, May 7th, Mutual Insurance Co Donegal purchased 8,500 shares of Donegal Group stock. The stock was bought at an average cost of $17.06 per share, for a total transaction of $145,010.00.
• On Tuesday, May 5th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The stock was bought at an average price of $16.50 per share, for a total transaction of $140,250.00.
• On Tuesday, March 3rd, Mutual Insurance Co Donegal bought 9,000 shares of Donegal Group stock. The shares were purchased at an average cost of $17.63 per share, for a total transaction of $158,670.00.

Donegal Group Stock Performance

Shares of DGICA opened at $16.92 on Wednesday. The stock has a market capitalization of $626.04 million, a PE ratio of 9.45 and a beta of 0.01. The business’s fifty day moving average price is $17.24 and its 200 day moving average price is $18.59. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.39 and a quick ratio of 0.39. Donegal Group, Inc. has a 12-month low of $16.11 and a 12-month high of $21.12.

Donegal Group (NASDAQ:DGICA) last posted its earnings results on Thursday, April 30th. The insurance provider reported $0.32 EPS 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 the consensus estimate of $247.83 million. Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. Equities research analysts forecast that Donegal Group, Inc. will post 1.6 EPS for the current year.

Donegal Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be paid a dividend of $0.1925 per share. This is an increase from Donegal Group’s previous quarterly dividend of $0.18. This represents a $0.77 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, May 1st. Donegal Group’s dividend payout ratio (DPR) is presently 43.02%.

Analyst Ratings Changes

Several research firms have recently issued reports on DGICA. Keefe, Bruyette & Woods decreased their price objective on shares of Donegal Group from $19.00 to $18.00 and set a “market perform” rating for the company in a report on Friday, May 1st. Weiss Ratings downgraded Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in Donegal Group by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,737,266 shares of the insurance provider’s stock valued at $29,846,000 after buying an additional 7,345 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Donegal Group by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 166,616 shares of the insurance provider’s stock worth $2,862,000 after acquiring an additional 9,075 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Donegal Group by 44.9% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 36,749 shares of the insurance provider’s stock valued at $631,000 after acquiring an additional 11,386 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Donegal Group during the first quarter valued at approximately $223,000. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its position in shares of Donegal Group by 14.7% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 23,406 shares of the insurance provider’s stock valued at $402,000 after acquiring an additional 3,006 shares in the last quarter. Institutional investors own 27.96% of the company’s stock.

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.