Insider Selling: Donegal Group (NASDAQ:DGICA) Director Sells 9,000 Shares of Stock

Donegal Group, Inc. (NASDAQ:DGICA) Director David Charles King sold 9,000 shares of Donegal Group stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.33, for a total value of $173,970.00. Following the completion of the transaction, the director owned 3,700 shares of the company’s stock, valued at approximately $71,521. The trade was a 70.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Donegal Group Stock Performance

Shares of NASDAQ:DGICA traded up $0.05 during trading on Wednesday, hitting $19.51. 5,278 shares of the company traded hands, compared to its average volume of 127,104. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05. The business’s fifty day moving average is $18.25 and its 200-day moving average is $17.89. The stock has a market capitalization of $722.85 million, a price-to-earnings ratio of 10.11 and a beta of -0.01. Donegal Group, Inc. has a one year low of $16.11 and a one year high of $21.06.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings results on Thursday, July 30th. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.11. Donegal Group had a return on equity of 10.77% and a net margin of 7.38%.The business had revenue of $241.12 million for the quarter, compared to the consensus estimate of $231.53 million. As a group, equities analysts predict that Donegal Group, Inc. will post 1.75 earnings per share for the current fiscal year.

Donegal Group Announces Dividend

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 paid a $0.1925 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, July 31st. Donegal Group’s dividend payout ratio (DPR) is presently 39.90%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in Donegal Group by 3.1% in the first quarter. Bank of America Corp DE now owns 73,820 shares of the insurance provider’s stock worth $1,268,000 after purchasing an additional 2,243 shares during the period. Amundi bought a new stake in shares of Donegal Group during the 1st quarter worth about $206,000. Renaissance Technologies LLC lifted its stake in shares of Donegal Group by 5.8% in the 1st quarter. Renaissance Technologies LLC now owns 392,711 shares of the insurance provider’s stock worth $6,747,000 after acquiring an additional 21,500 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Donegal Group by 41.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock valued at $4,746,000 after acquiring an additional 80,614 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of 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 acquiring an additional 7,345 shares during the period. 27.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DGICA has been the subject of several recent research reports. Weiss Ratings upgraded shares of Donegal Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their target price on shares of Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.00.

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.