Bridgeway Capital Management LLC Lowers Stake in Donegal Group Inc. (NASDAQ:DGICA)

Bridgeway Capital Management LLC decreased its position in shares of Donegal Group Inc. (NASDAQ:DGICA - Free Report) by 27.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,293 shares of the insurance provider's stock after selling 51,743 shares during the period. Bridgeway Capital Management LLC owned about 0.40% of Donegal Group worth $2,108,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of DGICA. Barclays PLC lifted its stake in Donegal Group by 38.7% during the 3rd quarter. Barclays PLC now owns 64,952 shares of the insurance provider's stock worth $957,000 after acquiring an additional 18,132 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Donegal Group during the fourth quarter worth about $128,000. Bleakley Financial Group LLC acquired a new position in shares of Donegal Group during the fourth quarter worth about $244,000. Private Advisor Group LLC purchased a new stake in shares of Donegal Group during the fourth quarter worth approximately $177,000. Finally, Bank of New York Mellon Corp raised its holdings in Donegal Group by 4.2% in the fourth quarter. Bank of New York Mellon Corp now owns 122,417 shares of the insurance provider's stock valued at $1,894,000 after acquiring an additional 4,967 shares in the last quarter. Institutional investors and hedge funds own 27.96% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price target on shares of Donegal Group from $17.00 to $18.00 and gave the stock a "market perform" rating in a report on Friday, April 25th.

Donegal Group Stock Down 0.2%

Shares of DGICA traded down $0.03 during mid-day trading on Tuesday, reaching $19.78. The company's stock had a trading volume of 164,623 shares, compared to its average volume of 84,176. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.38 and a quick ratio of 0.38. Donegal Group Inc. has a 12-month low of $12.26 and a 12-month high of $20.51. The stock has a market cap of $704.94 million, a PE ratio of 13.01 and a beta of -0.05. The company's 50 day moving average is $18.72 and its 200 day moving average is $16.70.

Donegal Group (NASDAQ:DGICA - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The insurance provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.38. Donegal Group had a net margin of 5.14% and a return on equity of 9.50%. The business had revenue of $245.57 million during the quarter, compared to the consensus estimate of $248.73 million. Equities analysts anticipate that Donegal Group Inc. will post 1.2 EPS for the current fiscal year.

Donegal Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a dividend of $0.1825 per share. This represents a $0.73 dividend on an annualized basis and a yield of 3.69%. This is a boost from Donegal Group's previous quarterly dividend of $0.17. The ex-dividend date is Thursday, May 1st. Donegal Group's dividend payout ratio (DPR) is presently 35.61%.

Insiders Place Their Bets

In other news, major shareholder Mutual Insurance Co Donegal acquired 71,000 shares of Donegal Group stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $19.83 per share, with a total value of $1,407,930.00. Following the completion of the acquisition, the insider now owns 13,441,621 shares in the company, valued at $266,547,344.43. This trade represents a 0.53% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Vincent Anthony Viozzi sold 10,500 shares of Donegal Group stock in a transaction on Friday, March 7th. The stock was sold at an average price of $17.95, for a total value of $188,475.00. Following the transaction, the vice president now directly owns 9,316 shares of the company's stock, valued at approximately $167,222.20. This represents a 52.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 213,147 shares of company stock valued at $3,975,328 and sold 134,074 shares valued at $2,562,926. 6.63% of the stock is owned by insiders.

Donegal Group Company Profile

Donegal Group Inc, an insurance holding company, provides property and casualty insurance to businesses and individuals. It operates through three 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; and homeowners policies, which provide coverage for damage to residences and their contents from a range of perils, including fire, lightning, windstorm, and theft, as well as liability of the insured arising from injury to other persons or their property.