Donegal Group (NASDAQ:DGICA) SVP Noland Rone Deas Jr Sells 24,000 Shares of Stock

Key Points

• Insider sale: Donegal Group SVP Noland Rone Deas Jr. sold 24,000 shares for approximately $467,280, reducing his holdings by 87.2% to 3,523 shares.
• Quarterly performance: The insurer reported earnings of $0.53 per share, beating estimates by $0.11, while revenue of $241.12 million also exceeded analyst expectations.
• Dividend and outlook: Donegal Group declared a quarterly dividend of $0.1925, equivalent to a 3.9% yield. Analysts have a consensus “Moderate Buy” rating and a $20 price target.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) SVP Noland Rone Deas, Jr. sold 24,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.47, for a total transaction of $467,280.00. Following the transaction, the senior vice president owned 3,523 shares in the company, valued at approximately $68,592.81. This trade represents a 87.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Donegal Group Price Performance

Shares of NASDAQ DGICA traded up $0.05 during midday trading on Wednesday, hitting $19.51. The company had a trading volume of 5,278 shares, compared to its average volume of 127,104. Donegal Group, Inc. has a twelve month low of $16.11 and a twelve month high of $21.06. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $722.85 million, a price-to-earnings ratio of 10.11 and a beta of -0.01. The business has a 50-day simple moving average of $18.25 and a two-hundred day simple moving average of $17.89.

Donegal Group (NASDAQ:DGICA - Get Free Report) last posted its earnings results on Thursday, July 30th. The insurance provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.11. The company had revenue of $241.12 million for the quarter, compared to analyst estimates of $231.53 million. Donegal Group had a return on equity of 10.77% and a net margin of 7.38%. Equities research analysts anticipate that Donegal Group, Inc. will post 1.75 earnings per share for the current year.

Donegal Group Announces Dividend

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

Institutional Trading of Donegal Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in shares of Donegal Group by 139.8% in the first quarter. AQR Capital Management LLC now owns 39,413 shares of the insurance provider's stock worth $774,000 after purchasing an additional 22,978 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Donegal Group by 7.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 109,791 shares of the insurance provider's stock worth $2,155,000 after purchasing an additional 8,004 shares in the last quarter. Empowered Funds LLC increased its stake in Donegal Group by 1.9% during the 1st quarter. Empowered Funds LLC now owns 91,814 shares of the insurance provider's stock worth $1,802,000 after acquiring an additional 1,696 shares during the period. Jane Street Group LLC acquired a new position in Donegal Group in the first quarter valued at about $689,000. Finally, Rhumbline Advisers raised its position in Donegal Group by 22.3% during the second quarter. Rhumbline Advisers now owns 32,824 shares of the insurance provider's stock valued at $657,000 after purchasing an additional 5,981 shares in the last quarter. Institutional investors and hedge funds own 27.96% of the company's stock.

Analysts Set New Price Targets

DGICA has been the topic of several analyst reports. Weiss Ratings raised Donegal Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their price target on shares of Donegal Group from $18.00 to $20.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source