Donegal Group (NASDAQ:DGICA) Hits New 1-Year Low – Here’s What Happened

Shares of Donegal Group, Inc. (NASDAQ:DGICA) reached a new 52-week low during trading on Thursday . The company traded as low as $16.43 and last traded at $16.5870, with a volume of 8127 shares trading hands. The stock had previously closed at $16.69.

Wall Street Analyst Weigh In

DGICA has been the subject of several analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Donegal Group in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods lowered their target price on Donegal Group from $21.00 to $19.50 and set a “market perform” rating for the company in a report on Friday, February 20th. Finally, Zacks Research downgraded Donegal Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 19th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Donegal Group Stock Down 1.1%

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 stock’s 50-day simple moving average is $18.56 and its 200 day simple moving average is $19.12. The firm has a market cap of $604.60 million, a P/E ratio of 7.56 and a beta of 0.05.

Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings results on Thursday, February 19th. The insurance provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.02). The company had revenue of $240.14 million during the quarter, compared to the consensus estimate of $241.10 million. Donegal Group had a net margin of 8.11% and a return on equity of 12.81%. As a group, research analysts forecast that Donegal Group, Inc. will post 1.2 EPS for the current fiscal year.

Donegal Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 3rd were issued a $0.1825 dividend. The ex-dividend date was Tuesday, February 3rd. This represents a $0.73 annualized dividend and a yield of 4.4%. Donegal Group’s dividend payout ratio is presently 33.33%.

Insider Activity at Donegal Group

In other Donegal Group news, major shareholder Mutual Insurance Co Donegal purchased 9,000 shares of Donegal Group stock in a transaction that occurred on Tuesday, March 3rd. The stock was acquired at an average price of $17.63 per share, with a total value of $158,670.00. Following the transaction, the insider owned 13,937,704 shares in the company, valued at $245,721,721.52. This trade represents a 0.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Daniel Delamater sold 9,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $17.63, for a total transaction of $158,670.00. Following the sale, the executive vice president owned 2,012 shares of the company’s stock, valued at $35,471.56. This trade represents a 81.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new position in Donegal Group during the 3rd quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of Donegal Group by 576.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,747 shares of the insurance provider’s stock valued at $55,000 after purchasing an additional 2,341 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Donegal Group by 79.1% in the third quarter. Versant Capital Management Inc now owns 3,009 shares of the insurance provider’s stock valued at $58,000 after purchasing an additional 1,329 shares in the last quarter. Allworth Financial LP boosted its position in shares of Donegal Group by 477.2% during the second quarter. Allworth Financial LP now owns 2,961 shares of the insurance provider’s stock valued at $59,000 after buying an additional 2,448 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Donegal Group by 422.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,679 shares of the insurance provider’s stock worth $74,000 after buying an additional 2,975 shares in the last quarter. 27.96% of the stock is currently owned by institutional investors and hedge funds.

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.