Donegal Group (NASDAQ:DGICA) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Donegal Group (NASDAQ:DGICA) from a hold rating to a strong sell rating in a research note issued to investors on Thursday,Zacks reports.

DGICA has been the subject of a number of other reports. Weiss Ratings raised Donegal Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Keefe, Bruyette & Woods increased their price objective on Donegal Group from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $20.00.

Donegal Group Stock Down 0.7%

Donegal Group stock opened at $18.73 on Thursday. The firm’s 50 day moving average price is $19.01 and its two-hundred day moving average price is $18.02. 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 has a twelve month low of $16.11 and a twelve month high of $21.06. The firm has a market cap of $695.26 million, a PE ratio of 9.70 and a beta of -0.01.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings data on Thursday, July 30th. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.11. The business had revenue of $241.12 million during the quarter, compared to analyst estimates of $231.53 million. Donegal Group had a return on equity of 10.65% and a net margin of 7.38%. On average, research analysts predict that Donegal Group will post 1.7 EPS for the current fiscal year.

Donegal Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $0.1925 dividend. This represents a $0.77 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, July 31st. Donegal Group’s payout ratio is currently 39.90%.

Insider Activity

In other Donegal Group news, insider Kevin Burke sold 24,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $19.23, for a total value of $461,520.00. Following the completion of the transaction, the insider owned 13,870 shares of the company’s stock, valued at $266,720.10. This represents a 63.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Mutual Insurance Co Donegal acquired 54,725 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were purchased at an average cost of $19.23 per share, for a total transaction of $1,052,361.75. Following the acquisition, the insider directly owned 14,387,128 shares in the company, valued at $276,664,471.44. This represents a 0.38% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 220,437 shares of company stock worth $4,218,669 and sold 111,108 shares worth $2,153,119. 2.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Donegal Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royce & Associates LP raised its holdings in shares of Donegal Group by 579.4% in the fourth quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider’s stock valued at $3,394,000 after purchasing an additional 144,853 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in 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. Los Angeles Capital Management LLC raised its stake in shares of Donegal Group by 145.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 67,726 shares of the insurance provider’s stock worth $1,245,000 after purchasing an additional 40,078 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Donegal Group by 5.8% in the 1st quarter. Renaissance Technologies LLC now owns 392,711 shares of the insurance provider’s stock valued at $6,747,000 after buying an additional 21,500 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Donegal Group in the 2nd quarter valued at approximately $344,000. 27.96% of the stock is owned by institutional investors.

About Donegal Group

Donegal Group Inc is an insurance holding company that provides property and casualty insurance through a network of independent insurance agents. The company operates through regional insurance subsidiaries affiliated with Donegal Mutual Insurance Company and serves individuals, families, farms, and businesses.

Its personal insurance products generally include automobile, homeowners, dwelling fire, renters, and farmowners coverage. Donegal Group also offers commercial insurance, including businessowners policies, commercial automobile, commercial package, workers’ compensation, general liability, and related coverages.