Insider Buying: Donegal Group (NASDAQ:DGICA) Major Shareholder Acquires $191,400.00 in Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal bought 10,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average price of $19.14 per share, with a total value of $191,400.00. Following the acquisition, the insider owned 14,308,934 shares of the company’s stock, valued at $273,872,996.76. The trade was a 0.07% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, September 9th, Mutual Insurance Co Donegal bought 13,469 shares of Donegal Group stock. The stock was acquired at an average price of $19.13 per share, for a total transaction of $257,661.97.
• On Thursday, September 10th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were bought at an average price of $19.13 per share, with a total value of $191,300.00.
• On Friday, September 4th, Mutual Insurance Co Donegal acquired 6,368 shares of Donegal Group stock. The shares were purchased at an average cost of $19.39 per share, with a total value of $123,475.52.
• On Thursday, September 3rd, Mutual Insurance Co Donegal bought 9,595 shares of Donegal Group stock. The stock was acquired at an average price of $19.53 per share, with a total value of $187,390.35.
• On Wednesday, September 2nd, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The stock was bought at an average price of $19.43 per share, with a total value of $194,300.00.
• On Tuesday, September 1st, Mutual Insurance Co Donegal bought 9,257 shares of Donegal Group stock. The shares were purchased at an average cost of $19.17 per share, for a total transaction of $177,456.69.
• On Monday, August 31st, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The stock was acquired at an average cost of $19.18 per share, for a total transaction of $191,800.00.
• On Thursday, August 27th, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The shares were bought at an average cost of $18.95 per share, with a total value of $189,500.00.
• On Wednesday, August 26th, Mutual Insurance Co Donegal bought 9,508 shares of Donegal Group stock. The stock was purchased at an average cost of $19.11 per share, with a total value of $181,697.88.
• On Monday, August 24th, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The shares were bought at an average cost of $19.06 per share, for a total transaction of $190,600.00.

Donegal Group Stock Up 0.5%

Shares of NASDAQ DGICA opened at $19.36 on Friday. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 10.03 and a beta of -0.01. Donegal Group, Inc. has a 52 week low of $16.11 and a 52 week 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’s fifty day moving average is $19.00 and its 200 day moving average is $17.96.

Donegal Group (NASDAQ:DGICA) last posted its earnings results on Thursday, July 30th. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.11. Donegal Group had a return on equity of 10.65% and a net margin of 7.38%.The firm had revenue of $241.12 million for the quarter, compared to analysts’ expectations of $231.53 million. On average, equities research analysts expect that Donegal Group, Inc. will post 1.75 earnings per share for the current year.

Donegal Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $0.1925 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.77 annualized dividend and a yield of 4.0%. Donegal Group’s payout ratio is 39.90%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Donegal Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Donegal Group has a consensus rating of “Hold” and a consensus price target of $20.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in shares of Donegal Group by 1,721.1% in the second quarter. California State Teachers Retirement System now owns 278,204 shares of the insurance provider’s stock worth $5,247,000 after buying an additional 262,927 shares in the last quarter. Royce & Associates LP lifted its stake in shares of Donegal Group by 579.4% in the 4th quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider’s stock valued at $3,394,000 after purchasing an additional 144,853 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Donegal Group by 117.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 236,124 shares of the insurance provider’s stock worth $4,718,000 after buying an additional 127,470 shares during the period. Two Sigma Investments LP boosted its position in shares of Donegal Group by 139.8% during the 3rd quarter. Two Sigma Investments LP now owns 152,432 shares of the insurance provider’s stock worth $2,956,000 after purchasing an additional 88,878 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Donegal Group by 41.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock valued at $4,746,000 after buying an additional 80,614 shares in the last quarter. 27.96% of the stock is currently owned by institutional investors.

Donegal Group Company Profile

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.