Donegal Group (NASDAQ:DGICB) Shares Down 6.8% – Here’s Why

Donegal Group, Inc. (NASDAQ:DGICB)’s share price dropped 6.8% on Friday . The stock traded as low as $20.73 and last traded at $21.0210. 517 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,722 shares. The stock had previously closed at $22.55.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Donegal Group in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold”.

Donegal Group Trading Up 0.6%

The business’s 50 day simple moving average is $23.61 and its two-hundred day simple moving average is $20.49. 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 stock has a market cap of $780.28 million, a P/E ratio of 11.81 and a beta of 0.04.

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

Donegal Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, July 31st. Donegal Group’s payout ratio is 39.33%.

Hedge Funds Weigh In On Donegal Group

A hedge fund recently bought a new stake in Donegal Group stock. Lewis Asset Management LLC purchased a new position in shares of Donegal Group, Inc. (NASDAQ:DGICB) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 11,469 shares of the insurance provider’s stock, valued at approximately $203,000. 1.19% of the stock is currently owned by hedge funds and other institutional investors.

About Donegal Group

Donegal Group Inc is an insurance holding company that provides property and casualty insurance through a network of regional insurance subsidiaries. The company distributes its products primarily through independent insurance agents and serves individuals, families, farms, and businesses.

Its offerings include personal automobile, homeowners, dwelling fire, farmowners, and other personal insurance products, as well as commercial automobile, commercial property, businessowners, workers’ compensation, and other commercial coverage.