Donegal Group (NASDAQ:DGICA) Major Shareholder Mutual Insurance Co Donegal Acquires 16,573 Shares

Key Points

• Mutual Insurance Co Donegal acquired an additional 16,573 shares of Donegal Group on September 11th, increasing its ownership to a total of 13,634,579 shares, valued at approximately $265 million.
• Donegal Group's stock price decreased by 0.7%, trading at $19.59, with a market cap of $715.05 million and a P/E ratio of 8.23.
• The company announced a quarterly dividend of $0.1825 per share, resulting in an annualized yield of 3.7%, with a dividend payout ratio of 30.67%.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) major shareholder Mutual Insurance Co Donegal purchased 16,573 shares of Donegal Group stock in a transaction that occurred on Thursday, September 11th. The shares were bought at an average cost of $19.45 per share, for a total transaction of $322,344.85. Following the completion of the transaction, the insider directly owned 13,634,579 shares in the company, valued at $265,192,561.55. This represents a 0.12% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Wednesday, September 10th, Mutual Insurance Co Donegal purchased 20,000 shares of Donegal Group stock. The stock was acquired at an average price of $18.99 per share, for a total transaction of $379,800.00.
• On Tuesday, September 9th, Mutual Insurance Co Donegal purchased 19,352 shares of Donegal Group stock. The stock was bought at an average price of $19.24 per share, with a total value of $372,332.48.
• On Monday, September 8th, Mutual Insurance Co Donegal acquired 19,025 shares of Donegal Group stock. The shares were bought at an average price of $19.10 per share, for a total transaction of $363,377.50.
• On Thursday, September 4th, Mutual Insurance Co Donegal bought 19,212 shares of Donegal Group stock. The stock was bought at an average cost of $19.22 per share, with a total value of $369,254.64.
• On Wednesday, September 3rd, Mutual Insurance Co Donegal purchased 20,000 shares of Donegal Group stock. The shares were purchased at an average cost of $18.37 per share, for a total transaction of $367,400.00.
• On Tuesday, September 2nd, Mutual Insurance Co Donegal bought 19,440 shares of Donegal Group stock. The stock was acquired at an average cost of $18.27 per share, for a total transaction of $355,168.80.
• On Friday, August 29th, Mutual Insurance Co Donegal bought 20,000 shares of Donegal Group stock. The stock was purchased at an average price of $17.84 per share, with a total value of $356,800.00.
• On Thursday, August 28th, Mutual Insurance Co Donegal bought 8,032 shares of Donegal Group stock. The shares were purchased at an average cost of $17.61 per share, for a total transaction of $141,443.52.
• On Tuesday, August 26th, Mutual Insurance Co Donegal bought 15,815 shares of Donegal Group stock. The shares were bought at an average cost of $17.45 per share, with a total value of $275,971.75.
• On Wednesday, August 27th, Mutual Insurance Co Donegal purchased 15,509 shares of Donegal Group stock. The shares were acquired at an average price of $17.49 per share, for a total transaction of $271,252.41.

Donegal Group Stock Down 0.7%

Shares of NASDAQ:DGICA traded down $0.14 during trading on Friday, reaching $19.59. 20,330 shares of the company traded hands, compared to its average volume of 131,378. The firm has a market cap of $715.05 million and a P/E ratio of 8.23. The firm has a fifty day simple moving average of $17.98 and a 200 day simple moving average of $18.66. Donegal Group, Inc. has a 1-year low of $14.06 and a 1-year high of $21.12. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.06.

Donegal Group (NASDAQ:DGICA - Get Free Report) last posted its earnings results on Thursday, July 24th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.07. Donegal Group had a net margin of 8.33% and a return on equity of 14.33%. The firm had revenue of $233.81 million during the quarter, compared to analysts' expectations of $247.21 million. Analysts anticipate that Donegal Group, Inc. will post 1.2 earnings per share for the current fiscal year.

Donegal Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were issued a dividend of $0.1825 per share. This represents a $0.73 annualized dividend and a yield of 3.7%. The ex-dividend date was Friday, August 1st. Donegal Group's dividend payout ratio (DPR) is 30.67%.

Hedge Funds Weigh In On Donegal Group

Several institutional investors and hedge funds have recently modified their holdings of DGICA. Allworth Financial LP raised its position in Donegal Group by 477.2% in the 2nd 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. EverSource Wealth Advisors LLC grew its position in Donegal Group by 422.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,679 shares of the insurance provider's stock valued at $74,000 after purchasing an additional 2,975 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Donegal Group by 443.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,928 shares of the insurance provider's stock valued at $99,000 after buying an additional 4,022 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Donegal Group in the 2nd quarter valued at $101,000. Finally, CWM LLC boosted its stake in shares of Donegal Group by 78.0% during the 1st quarter. CWM LLC now owns 5,163 shares of the insurance provider's stock worth $101,000 after buying an additional 2,263 shares during the last quarter. 27.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Zacks Research raised shares of Donegal Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Wall Street Zen cut shares of Donegal Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Janney Montgomery Scott upgraded Donegal Group from a "neutral" rating to a "buy" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.00.

About Donegal Group

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.

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