Donegal Group, Inc. $DGICA Stock: Philadelphia Trust Co. Cuts Stake

Philadelphia Trust Co. reduced its position in Donegal Group, Inc. (NASDAQ:DGICA) by 38.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,725 shares of the insurance provider’s stock after selling 86,925 shares during the quarter. Philadelphia Trust Co. owned 0.37% of Donegal Group worth $2,432,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DGICA. Arrowstreet Capital Limited Partnership raised its stake in shares of Donegal Group by 41.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 276,237 shares of the insurance provider’s stock valued at $4,746,000 after acquiring an additional 80,614 shares in the last quarter. Renaissance Technologies LLC grew its stake in Donegal Group by 5.8% in 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 in the last quarter. Public Employees Retirement System of Ohio bought a new position in Donegal Group in the second quarter worth approximately $344,000. Ancora Advisors LLC purchased a new position in Donegal Group during the 2nd quarter worth $273,000. Finally, Amundi purchased a new stake in shares of Donegal Group in the 1st quarter worth $206,000. Institutional investors own 27.96% of the company’s stock.

Donegal Group Stock Up 1.3%

Donegal Group stock opened at $18.97 on Wednesday. The business has a fifty day moving average of $18.68 and a two-hundred day moving average of $18.14. The company has a quick ratio of 0.39, a current ratio of 0.40 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.25 billion, a P/E ratio of 10.12 and a beta of -0.03. Donegal Group, Inc. has a twelve month low of $16.11 and a twelve month high of $21.06.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings results on Thursday, October 29th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The business had revenue of $237.66 million for the quarter, compared to the consensus estimate of $214.12 million. Donegal Group had a return on equity of 10.45% and a net margin of 7.24%. On average, analysts forecast 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 paid a $0.1925 dividend. This represents a $0.77 annualized dividend and a yield of 4.1%. The ex-dividend date is Monday, November 2nd. Donegal Group’s payout ratio is 41.18%.

Insider Buying and Selling at Donegal Group

In other Donegal Group news, CFO Jeffrey Miller sold 21,000 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $19.23, for a total value of $403,830.00. Following the completion of the transaction, the chief financial officer directly owned 27,176 shares in the company, valued at approximately $522,594.48. The trade was a 43.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Mutual Insurance Co Donegal purchased 54,725 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were purchased at an average cost of $19.23 per share, with a total value of $1,052,361.75. Following the completion of the transaction, the insider owned 14,387,128 shares of the company’s stock, valued at approximately $276,664,471.44. The trade was a 0.38% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 242,937 shares of company stock worth $4,626,264 and have sold 65,678 shares worth $1,265,951. 2.75% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Zacks Research upgraded Donegal Group from a “strong sell” rating to a “hold” rating in a research note 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. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $20.00.

About Donegal Group

Donegal Group Inc. is an insurance holding company that provides property and casualty insurance through its subsidiaries. Its offerings include personal lines such as automobile and homeowners insurance, as well as commercial coverage for businesses, including commercial automobile, workers’ compensation and package policies. The company distributes its products primarily through independent insurance agencies. Its operations serve customers in the Mid-Atlantic region and other parts of the eastern, southern and Midwestern United States.