Donegal Group (NASDAQ:DGICA) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Donegal Group (NASDAQ:DGICA - Free Report) from a buy rating to a strong-buy rating in a research report released on Saturday.

Separately, Keefe, Bruyette & Woods raised their price target on 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 2.3%

Shares of NASDAQ DGICA traded down $0.45 during mid-day trading on Friday, reaching $19.49. The company had a trading volume of 106,257 shares, compared to its average volume of 88,434. The firm has a 50 day simple moving average of $19.34 and a two-hundred day simple moving average of $17.22. Donegal Group has a 52-week low of $12.26 and a 52-week high of $21.12. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.07. The stock has a market cap of $703.53 million, a P/E ratio of 12.82 and a beta of -0.05.

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 (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.38. Donegal Group had a return on equity of 9.50% and a net margin of 5.14%. The company had revenue of $245.57 million for the quarter, compared to analyst estimates of $248.73 million. Sell-side analysts predict that Donegal Group will post 1.2 earnings per share for the current year.

Donegal Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a dividend of $0.1825 per share. This represents a $0.73 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend was Thursday, May 1st. This is a boost from Donegal Group's previous quarterly dividend of $0.17. Donegal Group's dividend payout ratio is 35.61%.

Insider Activity at Donegal Group

In other news, VP William Albert Folmar sold 6,017 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $17.97, for a total transaction of $108,125.49. Following the completion of the transaction, the vice president now directly owns 950 shares of the company's stock, valued at approximately $17,071.50. This represents a 86.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Vincent Anthony Viozzi sold 10,500 shares of the 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 completion of the transaction, the vice president now owns 9,316 shares of the company's stock, valued at $167,222.20. The trade was a 52.99% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 156,447 shares of company stock worth $2,989,216 and have sold 197,693 shares worth $3,880,717. 6.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Donegal Group

Several hedge funds have recently bought and sold shares of DGICA. KLP Kapitalforvaltning AS purchased a new stake in Donegal Group during the fourth quarter worth $68,000. CWM LLC boosted its position in shares of Donegal Group by 78.0% in 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 in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Donegal Group by 47.4% in the 1st quarter. Russell Investments Group Ltd. now owns 5,225 shares of the insurance provider's stock worth $103,000 after buying an additional 1,681 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Donegal Group in the 4th quarter valued at about $128,000. Finally, BNP Paribas Financial Markets grew its stake in Donegal Group by 117.2% in the 4th quarter. BNP Paribas Financial Markets now owns 8,420 shares of the insurance provider's stock valued at $130,000 after acquiring an additional 4,544 shares during the last quarter. 27.96% of the stock is owned by hedge funds and other institutional investors.

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.