Donegal Group (NASDAQ:DGICB) Shares Gap Down – Here’s Why

Donegal Group, Inc. (NASDAQ:DGICB) shares gapped down prior to trading on Monday . The stock had previously closed at $24.00, but opened at $20.01. Donegal Group shares last traded at $22.6150, with a volume of 214 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Donegal Group in a report on Wednesday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Donegal Group Stock Performance

The firm has a market cap of $859.78 million, a price-to-earnings ratio of 13.73 and a beta of 0.06. The stock’s fifty day moving average is $19.30 and its two-hundred day moving average is $17.58. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.39 and a current ratio of 0.39.

Donegal Group (NASDAQ:DGICB) last posted its earnings results on Thursday, April 30th. The insurance provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.15). Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. The firm had revenue of $236.00 million for the quarter, compared to analyst estimates of $247.83 million.

Donegal Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were issued a $0.175 dividend. This is a positive change from Donegal Group’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, May 1st. This represents a $0.70 dividend on an annualized basis and a yield of 3.0%. Donegal Group’s dividend payout ratio is currently 41.42%.

Institutional Trading of Donegal Group

A hedge fund recently bought a new position in Donegal Group stock. Raymond James Financial Inc. purchased a new position in shares of Donegal Group, Inc. (NASDAQ:DGICB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,231 shares of the insurance provider’s stock, valued at approximately $93,000. Institutional investors own 1.19% of the company’s stock.

About Donegal Group

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles.