David Charles King Sells 9,000 Shares of Donegal Group (NASDAQ:DGICA) Stock

Key Points

• Director David Charles King sold 9,000 Donegal Group shares at an average price of $19.33, generating $173,970 and reducing his direct holdings by 70.87% to 3,700 shares.
• Donegal Group reported quarterly EPS of $0.53, beating estimates of $0.42, while revenue of $241.12 million also exceeded forecasts. The company expects full-year EPS of $1.75.
• The stock recently traded at $19.51 and Donegal declared a quarterly dividend of $0.1925, equivalent to a 3.9% annualized yield; analysts maintain a “Moderate Buy” consensus with a $20 price target.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) Director David Charles King sold 9,000 shares of Donegal Group stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.33, for a total transaction of $173,970.00. Following the sale, the director directly owned 3,700 shares in the company, valued at $71,521. This trade represents a 70.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Donegal Group Stock Up 0.3%

Shares of NASDAQ DGICA traded up $0.05 during midday trading on Wednesday, reaching $19.51. 5,278 shares of the company's stock were exchanged, compared to its average volume of 127,104. 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, Inc. has a 52-week low of $16.11 and a 52-week high of $21.06. The business's fifty day moving average price is $18.25 and its two-hundred day moving average price is $17.89. The stock has a market capitalization of $722.85 million, a PE ratio of 10.11 and a beta of -0.01.

Donegal Group (NASDAQ:DGICA - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The insurance provider reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.11. Donegal Group had a return on equity of 10.77% and a net margin of 7.38%.The firm had revenue of $241.12 million during the quarter, compared to the consensus estimate of $231.53 million. Analysts forecast that Donegal Group, Inc. will post 1.75 EPS for the current year.

Donegal Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $0.1925 dividend. This represents a $0.77 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, July 31st. Donegal Group's payout ratio is 39.90%.

Institutional Investors Weigh In On Donegal Group

Several institutional investors and hedge funds have recently made changes to their positions in DGICA. Royce & Associates LP boosted its holdings in Donegal Group by 579.4% in the fourth quarter. Royce & Associates LP now owns 169,853 shares of the insurance provider's stock worth $3,394,000 after purchasing an additional 144,853 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Donegal Group by 117.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 236,124 shares of the insurance provider's stock worth $4,718,000 after purchasing an additional 127,470 shares during the period. Two Sigma Investments LP raised its holdings in shares of Donegal Group by 139.8% during the third quarter. Two Sigma Investments LP now owns 152,432 shares of the insurance provider's stock worth $2,956,000 after purchasing an additional 88,878 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Donegal Group by 41.2% in 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 during the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in shares of Donegal Group by 157.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 131,574 shares of the insurance provider's stock worth $2,635,000 after buying an additional 80,395 shares during the last quarter. 27.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DGICA. Keefe, Bruyette & Woods increased their price objective on shares of Donegal Group from $18.00 to $20.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Donegal Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.00.

Donegal Group Company Profile

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.

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