Insider Buying: Donegal Group (NASDAQ:DGICA) Major Shareholder Acquires $140,175.00 in Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal purchased 7,500 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were bought at an average price of $18.69 per share, with a total value of $140,175.00. Following the purchase, the insider directly owned 14,394,628 shares of the company’s stock, valued at approximately $269,035,597.32. The trade was a 0.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large 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 Friday, September 11th, Mutual Insurance Co Donegal purchased 54,725 shares of Donegal Group stock. The stock was acquired at an average cost of $19.23 per share, with a total value of $1,052,361.75.
• On Wednesday, September 9th, Mutual Insurance Co Donegal acquired 13,469 shares of Donegal Group stock. The shares were bought at an average cost 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 Tuesday, September 8th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The stock was purchased at an average price of $19.14 per share, for a total transaction of $191,400.00.
• On Friday, September 4th, Mutual Insurance Co Donegal acquired 6,368 shares of Donegal Group stock. The stock was 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 acquired 9,595 shares of Donegal Group stock. The shares were purchased at an average cost of $19.53 per share, with a total value of $187,390.35.
• On Wednesday, September 2nd, Mutual Insurance Co Donegal bought 10,000 shares of Donegal Group stock. The stock was purchased at an average cost of $19.43 per share, for a total transaction of $194,300.00.
• On Tuesday, September 1st, Mutual Insurance Co Donegal purchased 9,257 shares of Donegal Group stock. The stock was purchased at an average price of $19.17 per share, with a total value of $177,456.69.
• On Monday, August 31st, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The stock was acquired at an average price 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 stock was acquired at an average cost of $18.95 per share, for a total transaction of $189,500.00.

Donegal Group Stock Performance

NASDAQ:DGICA opened at $19.10 on Thursday. 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 company has a market capitalization of $708.97 million, a P/E ratio of 10.21 and a beta of -0.03. The firm has a 50-day moving average price of $18.70 and a two-hundred day moving average price of $18.15. Donegal Group, Inc. has a twelve month low of $16.11 and a twelve month high of $21.06.

Donegal Group (NASDAQ:DGICA) last released its quarterly earnings results on Thursday, October 29th. The insurance provider reported $0.50 EPS for the quarter, beating 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 business had revenue of $237.66 million for the quarter, compared to analyst estimates of $214.12 million. As a group, research analysts expect that Donegal Group, Inc. will post 1.75 earnings per share for the current fiscal year.

Donegal Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.1925 per share. This represents a $0.77 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Monday, November 2nd. Donegal Group’s dividend payout ratio is 41.18%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Zacks Research upgraded Donegal Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Weiss Ratings raised shares of Donegal Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Finally, Keefe, Bruyette & Woods upped their target price 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. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Institutional Trading of Donegal Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its stake 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 purchasing an additional 80,614 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Donegal Group by 5.8% during the first quarter. Renaissance Technologies LLC now owns 392,711 shares of the insurance provider’s stock worth $6,747,000 after purchasing an additional 21,500 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Donegal Group in the second quarter valued at $344,000. Ancora Advisors LLC purchased a new stake in shares of Donegal Group in the second quarter valued at $273,000. Finally, QRG Capital Management Inc. purchased a new stake in shares of Donegal Group in the first quarter valued at $223,000. 27.96% of the stock is owned by hedge funds and other institutional investors.

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.