Donegal Group (NASDAQ:DGICA) Shares Cross Below 50 Day Moving Average – What’s Next?

Donegal Group, Inc. (NASDAQ:DGICA)’s share price passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $18.71 and traded as low as $18.42. Donegal Group shares last traded at $18.68, with a volume of 104,569 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on DGICA shares. Zacks Research raised Donegal Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Weiss Ratings upgraded Donegal Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. Finally, Keefe, Bruyette & Woods increased their price target on Donegal Group from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

Donegal Group Stock Down 0.4%

The stock has a market cap of $693.40 million, a price-to-earnings ratio of 9.99 and a beta of -0.03. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.05. The stock’s 50-day moving average price is $18.71 and its 200-day moving average price is $18.15.

Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings data on Thursday, October 29th. The insurance provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. Donegal Group had a net margin of 7.24% and a return on equity of 10.49%. The company had revenue of $237.66 million during the quarter, compared to analysts’ expectations of $214.12 million. On average, sell-side 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 declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.1925 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $0.77 dividend on an annualized basis and a yield of 4.1%. Donegal Group’s dividend payout ratio is 41.18%.

Insider Buying and Selling at Donegal Group

In other news, CAO David Bawel sold 8,326 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $19.28, for a total value of $160,525.28. Following the transaction, the chief accounting officer directly owned 22,331 shares of the company’s stock, valued at $430,541.68. The trade was a 27.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Barry Huber sold 4,500 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $19.43, for a total value of $87,435.00. Following the sale, the director owned 16,567 shares in the company, valued at approximately $321,896.81. The trade was a 21.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 220,437 shares of company stock valued at $4,218,669 and have sold 78,108 shares valued at $1,511,869. 2.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Donegal Group

Several institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Donegal Group by 41.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock worth $4,746,000 after buying an additional 80,614 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Donegal Group by 5.8% during the 1st quarter. Renaissance Technologies LLC now owns 392,711 shares of the insurance provider’s stock worth $6,747,000 after buying an additional 21,500 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Donegal Group in the 2nd quarter valued at $344,000. Ancora Advisors LLC bought a new stake in shares of Donegal Group in the 2nd quarter valued at $273,000. Finally, QRG Capital Management Inc. bought a new stake in shares of Donegal Group in the 1st quarter valued at $223,000. 27.96% of the stock is owned by institutional investors and hedge funds.

About Donegal Group

Donegal Group Inc (NASDAQ: DGICA) is an insurance holding company that, through its insurance subsidiaries, provides property and casualty insurance products to individuals and businesses. The company operates under the strategic direction of Donegal Mutual Insurance Company, which owns a controlling interest in Donegal Group.

Its personal insurance offerings include automobile, homeowners, dwelling fire, farmowners and related coverage. Donegal Group also provides commercial insurance products, including businessowners, commercial automobile, commercial property and workers’ compensation coverage, along with other specialized property and casualty policies.

Founded in 1986 and headquartered in Marietta, Pennsylvania, Donegal Group serves policyholders through independent agents across a broad group of states, primarily in the Mid-Atlantic, Southern and Midwestern regions of the United States.