Donegal Group (NASDAQ:DGICA) Major Shareholder Mutual Insurance Co Donegal Buys 8,500 Shares of Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal bought 8,500 shares of the stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $16.86 per share, for a total transaction of $143,310.00. Following the acquisition, the insider owned 13,996,781 shares in the company, valued at $235,985,727.66. The trade was a 0.06% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Monday, May 11th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were bought at an average cost of $17.18 per share, for a total transaction of $146,030.00.
• On Friday, May 8th, Mutual Insurance Co Donegal acquired 8,077 shares of Donegal Group stock. The shares were bought at an average cost of $17.13 per share, for a total transaction of $138,359.01.
• On Thursday, May 7th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were bought at an average cost of $17.06 per share, for a total transaction of $145,010.00.
• On Tuesday, May 5th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were bought at an average cost of $16.50 per share, for a total transaction of $140,250.00.
• On Tuesday, March 3rd, Mutual Insurance Co Donegal acquired 9,000 shares of Donegal Group stock. The shares were bought at an average cost of $17.63 per share, for a total transaction of $158,670.00.

Donegal Group Stock Down 0.6%

Shares of NASDAQ:DGICA opened at $17.08 on Friday. Donegal Group, Inc. has a 12 month low of $16.11 and a 12 month high of $21.12. The company’s 50-day moving average price is $17.20 and its two-hundred day moving average price is $18.55. 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 firm has a market cap of $632.81 million, a P/E ratio of 9.54 and a beta of 0.01.

Donegal Group (NASDAQ:DGICA) last issued its quarterly earnings data on Thursday, April 30th. The insurance provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.08). Donegal Group had a return on equity of 10.31% and a net margin of 6.77%.The company had revenue of $236.00 million for the quarter, compared to the consensus estimate of $247.83 million. As a group, research analysts forecast that Donegal Group, Inc. will post 1.7 EPS for the current fiscal year.

Donegal Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were issued a dividend of $0.1925 per share. The ex-dividend date of this dividend was Friday, May 1st. This represents a $0.77 dividend on an annualized basis and a yield of 4.5%. This is an increase from Donegal Group’s previous quarterly dividend of $0.18. Donegal Group’s payout ratio is currently 43.02%.

Analyst Ratings Changes

A number of research firms have issued reports on DGICA. Keefe, Bruyette & Woods cut their target price on shares of Donegal Group from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.00.

Institutional Trading of Donegal Group

A number of large investors have recently bought and sold shares of DGICA. AQR Capital Management LLC increased its stake in Donegal Group by 139.8% during the 1st quarter. AQR Capital Management LLC now owns 39,413 shares of the insurance provider’s stock worth $774,000 after purchasing an additional 22,978 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Donegal Group by 7.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 109,791 shares of the insurance provider’s stock worth $2,155,000 after purchasing an additional 8,004 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Donegal Group by 1.9% during the 1st quarter. Empowered Funds LLC now owns 91,814 shares of the insurance provider’s stock worth $1,802,000 after acquiring an additional 1,696 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Donegal Group during the 1st quarter worth approximately $689,000. Finally, Rhumbline Advisers grew its stake in shares of Donegal Group by 22.3% during the 2nd quarter. Rhumbline Advisers now owns 32,824 shares of the insurance provider’s stock worth $657,000 after acquiring an additional 5,981 shares in the last quarter. 27.96% of the stock is owned by institutional investors.

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.