Arrowstreet Capital Limited Partnership Increases Position in Donegal Group, Inc. $DGICA

Key Points

• Arrowstreet Capital increased its Donegal Group position by 41.2% in the first quarter, adding 80,614 shares to own 276,237 shares valued at approximately $4.75 million. Institutional investors collectively own 27.96% of the company.
• Donegal Group reported quarterly EPS of $0.53, exceeding the $0.42 consensus estimate, while revenue reached $232.25 million. The company expects full-year EPS of $1.75.
• The insurer declared a quarterly dividend of $0.1925 per share, equivalent to a 3.9% yield, and analysts maintain a “Moderate Buy” consensus with a $20 price target.

Arrowstreet Capital Limited Partnership boosted its position in Donegal Group, Inc. (NASDAQ:DGICA - Free Report) by 41.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 276,237 shares of the insurance provider's stock after acquiring an additional 80,614 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.75% of Donegal Group worth $4,746,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in DGICA. AQR Capital Management LLC boosted its holdings in shares of Donegal Group by 139.8% in the 1st 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in Donegal Group by 7.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 109,791 shares of the insurance provider's stock worth $2,155,000 after buying an additional 8,004 shares during the last quarter. Empowered Funds LLC boosted its stake in Donegal Group by 1.9% in the first quarter. Empowered Funds LLC now owns 91,814 shares of the insurance provider's stock worth $1,802,000 after buying an additional 1,696 shares in the last quarter. Jane Street Group LLC purchased a new stake in Donegal Group in the first quarter worth approximately $689,000. Finally, Rhumbline Advisers grew 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 acquiring an additional 5,981 shares during the last quarter. Hedge funds and other institutional investors own 27.96% of the company's stock.

Insider Activity

In other news, major shareholder Mutual Insurance Co Donegal bought 10,000 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average price of $16.62 per share, for a total transaction of $166,200.00. Following the purchase, the insider directly owned 14,117,109 shares in the company, valued at $234,626,351.58. This trade represents a 0.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders purchased 130,987 shares of company stock valued at $2,252,238. 2.75% of the stock is currently owned by corporate insiders.

Donegal Group Stock Performance

Donegal Group stock opened at $19.76 on Tuesday. The firm has a market cap of $732.11 million, a P/E ratio of 10.24 and a beta of -0.01. Donegal Group, Inc. has a 1-year low of $16.11 and a 1-year high of $21.06. The firm has a 50-day moving average of $18.21 and a 200-day moving average of $17.89. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.05.

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 (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.11. The firm had revenue of $232.25 million for the quarter, compared to analysts' expectations of $231.53 million. Donegal Group had a return on equity of 10.77% and a net margin of 7.38%. Sell-side analysts expect that Donegal Group, Inc. will post 1.75 EPS for the current year.

Donegal Group Announces Dividend

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

Analyst Ratings Changes

DGICA has been the topic of several research reports. Weiss Ratings raised shares of Donegal Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods upped 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. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

About Donegal Group

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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