Donegal Group (NASDAQ:DGICA) Price Target Cut to $19.50 by Analysts at Keefe, Bruyette & Woods

Donegal Group (NASDAQ:DGICA) had its price objective reduced by investment analysts at Keefe, Bruyette & Woods from $21.00 to $19.50 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 11.05% from the stock’s previous close.

Several other research firms have also recently issued reports on DGICA. Weiss Ratings restated a “buy (b)” rating on shares of Donegal Group in a research report on Wednesday, January 21st. Zacks Research downgraded shares of Donegal Group from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Donegal Group has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Donegal Group Stock Performance

NASDAQ DGICA opened at $17.56 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.39 and a current ratio of 0.39. The stock’s fifty day moving average is $19.38 and its two-hundred day moving average is $19.09. The firm has a market capitalization of $643.40 million, a P/E ratio of 7.26 and a beta of 0.04. Donegal Group has a fifty-two week low of $15.05 and a fifty-two week high of $21.12.

Donegal Group (NASDAQ:DGICA) last issued its earnings results on Thursday, February 19th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.02). Donegal Group had a return on equity of 14.28% and a net margin of 8.72%.The company had revenue of $240.14 million during the quarter, compared to analyst estimates of $241.10 million. On average, research analysts anticipate that Donegal Group will post 1.2 earnings per share for the current year.

Insider Activity

In other news, Director Kevin Michael Sr Kraft, Sr. sold 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $20.02, for a total value of $90,090.00. Following the transaction, the director directly owned 13,436 shares in the company, valued at approximately $268,988.72. This represents a 25.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Mutual Insurance Co Donegal acquired 22,819 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were bought at an average cost of $20.05 per share, with a total value of $457,520.95. Following the transaction, the insider directly owned 13,913,704 shares in the company, valued at $278,969,765.20. This trade represents a 0.16% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 106,343 shares of company stock valued at $2,115,435 and have sold 17,174 shares valued at $346,833. Insiders own 6.63% of the company’s stock.

Institutional Investors Weigh In On Donegal Group

Institutional investors have recently modified their holdings of the company. ProShare Advisors LLC acquired a new position in Donegal Group during the 2nd quarter worth about $6,343,000. CSM Advisors LLC purchased a new stake in Donegal Group during the second quarter worth about $3,699,000. Royce & Associates LP lifted its position in shares of Donegal Group by 579.4% during the fourth quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider’s stock worth $3,394,000 after purchasing an additional 144,853 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Donegal Group by 117.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 236,124 shares of the insurance provider’s stock valued at $4,718,000 after purchasing an additional 127,470 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Donegal Group by 294.1% in the second quarter. American Century Companies Inc. now owns 149,611 shares of the insurance provider’s stock valued at $2,996,000 after purchasing an additional 111,647 shares during the period. 27.96% of the stock is owned by institutional investors and hedge funds.

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.