Donegal Group (NASDAQ:DGICA) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Donegal Group (NASDAQ:DGICA) announced its quarterly earnings results on Thursday. The insurance provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07, Zacks reports. Donegal Group had a return on equity of 10.31% and a net margin of 6.77%.

Donegal Group Trading Up 2.0%

Shares of NASDAQ:DGICA traded up $0.39 on Thursday, hitting $19.70. The company had a trading volume of 92,145 shares, compared to its average volume of 125,958. The firm’s 50-day simple moving average is $18.07 and its two-hundred day simple moving average is $17.89. Donegal Group has a 1 year low of $16.11 and a 1 year high of $21.06. 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 capitalization of $729.92 million and a price-to-earnings ratio of 11.06.

Donegal Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $0.1925 dividend. This represents a $0.77 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, July 31st. Donegal Group’s dividend payout ratio (DPR) is currently 43.02%.

Wall Street Analysts Forecast Growth

DGICA has been the subject of several analyst reports. Weiss Ratings raised shares of Donegal Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their price objective on shares of Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Activity

In related news, major shareholder Mutual Insurance Co Donegal purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was bought at an average cost of $16.62 per share, with a total value of $166,200.00. Following the completion of the purchase, the insider directly owned 14,117,109 shares in the company, valued at approximately $234,626,351.58. This represents a 0.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have bought a total of 139,487 shares of company stock worth $2,392,488 in the last 90 days. 2.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co boosted its position in shares of Donegal Group by 31.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,733 shares of the insurance provider’s stock valued at $75,000 after purchasing an additional 896 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Donegal Group by 8.9% in the third quarter. Public Employees Retirement System of Ohio now owns 12,215 shares of the insurance provider’s stock worth $237,000 after purchasing an additional 1,000 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in Donegal Group by 1.0% in the third quarter. Qube Research & Technologies Ltd now owns 132,848 shares of the insurance provider’s stock worth $2,576,000 after purchasing an additional 1,274 shares in the last quarter. Mariner LLC lifted its position in Donegal Group by 9.9% during the fourth quarter. Mariner LLC now owns 14,874 shares of the insurance provider’s stock valued at $297,000 after buying an additional 1,342 shares during the period. Finally, Invesco Ltd. lifted its position in Donegal Group by 3.3% during the second quarter. Invesco Ltd. now owns 42,361 shares of the insurance provider’s stock valued at $848,000 after buying an additional 1,362 shares during the period. Hedge funds and other institutional investors own 27.96% of the company’s stock.

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.