Insider Buying: Donegal Group (NASDAQ:DGICA) Major Shareholder Acquires $194,300.00 in Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was bought at an average cost of $19.43 per share, with a total value of $194,300.00. Following the acquisition, the insider owned 14,282,971 shares of the company’s stock, valued at approximately $277,518,126.53. The trade was a 0.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 Thursday, September 3rd, Mutual Insurance Co Donegal bought 9,595 shares of Donegal Group stock. The stock was bought at an average price of $19.53 per share, with a total value of $187,390.35.
• On Tuesday, September 1st, Mutual Insurance Co Donegal bought 9,257 shares of Donegal Group stock. The stock was bought at an average cost of $19.17 per share, with a total value of $177,456.69.
• On Monday, August 31st, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were purchased at an average cost of $19.18 per share, for a total transaction of $191,800.00.
• On Thursday, August 27th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were purchased at an average cost of $18.95 per share, for a total transaction of $189,500.00.
• On Wednesday, August 26th, Mutual Insurance Co Donegal acquired 9,508 shares of Donegal Group stock. The stock was purchased at an average cost of $19.11 per share, with a total value of $181,697.88.
• On Monday, August 24th, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The shares were purchased at an average price of $19.06 per share, with a total value of $190,600.00.
• On Friday, August 21st, Mutual Insurance Co Donegal bought 10,000 shares of Donegal Group stock. The shares were purchased at an average cost of $18.68 per share, for a total transaction of $186,800.00.
• On Thursday, August 20th, Mutual Insurance Co Donegal bought 9,815 shares of Donegal Group stock. The stock was purchased at an average price of $18.66 per share, for a total transaction of $183,147.90.
• On Wednesday, August 19th, Mutual Insurance Co Donegal purchased 9,700 shares of Donegal Group stock. The stock was purchased at an average cost of $18.61 per share, with a total value of $180,517.00.
• On Monday, August 17th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were purchased at an average cost of $18.52 per share, for a total transaction of $185,200.00.

Donegal Group Stock Performance

DGICA opened at $19.45 on Monday. The stock has a market capitalization of $1.28 billion, a PE ratio of 10.08 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. 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 business’s 50 day moving average price is $18.99 and its 200 day moving average price is $17.92.

Donegal Group (NASDAQ:DGICA) last posted its 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 10.65% and a net margin of 7.38%.The company had revenue of $241.12 million during the quarter, compared to analysts’ expectations of $231.53 million. As a group, equities research analysts expect that Donegal Group, Inc. will post 1.75 EPS for the current year.

Donegal Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $0.1925 dividend. This represents a $0.77 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, July 31st. Donegal Group’s dividend payout ratio is currently 39.90%.

Institutional Trading of Donegal Group

A number of large investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in Donegal Group by 1,721.1% during the 2nd quarter. California State Teachers Retirement System now owns 278,204 shares of the insurance provider’s stock worth $5,247,000 after purchasing an additional 262,927 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Donegal Group by 579.4% in the 4th quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider’s stock valued at $3,394,000 after buying an additional 144,853 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Donegal Group by 117.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 236,124 shares of the insurance provider’s stock valued at $4,718,000 after buying an additional 127,470 shares during the period. Two Sigma Investments LP grew its position in shares of Donegal Group by 139.8% during the third quarter. Two Sigma Investments LP now owns 152,432 shares of the insurance provider’s stock worth $2,956,000 after buying an additional 88,878 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Donegal Group by 41.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock worth $4,746,000 after buying an additional 80,614 shares during the period. Hedge funds and other institutional investors own 27.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DGICA. Keefe, Bruyette & Woods lifted their price objective on Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Weiss Ratings raised Donegal Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price 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.