Donegal Group (NASDAQ:DGICA) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Donegal Group (NASDAQ:DGICA) from a strong-buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Donegal Group Inc. is a regional property-casualty insurance holding company doing business in Mid-Atlantic and Southern states through its insurance subsidiaries: Atlantic States Insurance Company, Southern Heritage Insurance Company, Southern Insurance Company of Virginia, Delaware Atlantic Insurance Company, Pioneer Insurance Company, Ohio and Pioneer Insurance Company, New York. “

DGICA has been the topic of several other research reports. BidaskClub downgraded Donegal Group from a hold rating to a sell rating in a report on Thursday, June 4th. ValuEngine downgraded shares of Donegal Group from a hold rating to a sell rating in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $16.50.

DGICA stock opened at $13.84 on Tuesday. The company has a market cap of $401.76 million, a PE ratio of 11.73 and a beta of 0.06. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.20. Donegal Group has a 52 week low of $11.22 and a 52 week high of $16.19. The business has a 50-day simple moving average of $13.97 and a 200 day simple moving average of $14.28.

Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings results on Tuesday, April 28th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.10. Donegal Group had a net margin of 3.56% and a return on equity of 7.52%. The business had revenue of $195.50 million for the quarter, compared to analyst estimates of $197.50 million. On average, analysts anticipate that Donegal Group will post 1.25 EPS for the current fiscal year.

In related news, VP Vincent Anthony Viozzi sold 7,316 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $14.95, for a total value of $109,374.20. Following the sale, the vice president now directly owns 6,803 shares in the company, valued at $101,704.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kennedy Capital Management Inc. grew its holdings in Donegal Group by 3.1% in the fourth quarter. Kennedy Capital Management Inc. now owns 942,758 shares of the insurance provider’s stock worth $13,972,000 after purchasing an additional 27,951 shares during the period. Renaissance Technologies LLC boosted its position in shares of Donegal Group by 1.0% during the 4th quarter. Renaissance Technologies LLC now owns 608,252 shares of the insurance provider’s stock worth $9,014,000 after purchasing an additional 6,233 shares in the last quarter. CWA Asset Management Group LLC grew its stake in shares of Donegal Group by 8.6% in the 1st quarter. CWA Asset Management Group LLC now owns 356,292 shares of the insurance provider’s stock valued at $5,416,000 after buying an additional 28,239 shares during the period. Wells Fargo & Company MN increased its position in Donegal Group by 2.7% in the 1st quarter. Wells Fargo & Company MN now owns 313,576 shares of the insurance provider’s stock valued at $4,766,000 after buying an additional 8,375 shares in the last quarter. Finally, Deprince Race & Zollo Inc. raised its stake in Donegal Group by 9.3% during the 1st quarter. Deprince Race & Zollo Inc. now owns 287,840 shares of the insurance provider’s stock worth $4,375,000 after buying an additional 24,443 shares during the period. 31.25% of the stock is owned by institutional investors and hedge funds.

Donegal Group Company Profile

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, Commercial Lines of Insurance, and Investment in DFSC.

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