Cubist Systematic Strategies LLC Purchases 34,891 Shares of Donegal Group, Inc. $DGICA

Key Points

• Cubist Systematic Strategies LLC increased its holdings in Donegal Group by 91.8% during the first quarter, now owning approximately $1.43 million worth of stock.
• Several institutional investors, including Deutsche Bank AG and BNP Paribas Financial Markets, significantly boosted their positions in Donegal Group, indicating strong interest from large financial entities.
• Donegal Group reported earnings of $0.43 per share for the last quarter, exceeding expectations, and announced a quarterly dividend with an annual yield of 3.9%.

Cubist Systematic Strategies LLC boosted its stake in shares of Donegal Group, Inc. (NASDAQ:DGICA - Free Report) by 91.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,883 shares of the insurance provider's stock after acquiring an additional 34,891 shares during the period. Cubist Systematic Strategies LLC owned 0.20% of Donegal Group worth $1,431,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Trexquant Investment LP bought a new stake in Donegal Group during the 1st quarter worth $797,000. Jump Financial LLC lifted its stake in shares of Donegal Group by 3.1% in the 1st quarter. Jump Financial LLC now owns 17,952 shares of the insurance provider's stock valued at $352,000 after purchasing an additional 533 shares during the period. Martingale Asset Management L P raised its stake in Donegal Group by 4.2% during the 1st quarter. Martingale Asset Management L P now owns 28,509 shares of the insurance provider's stock worth $560,000 after buying an additional 1,156 shares during the period. Hsbc Holdings PLC raised its stake in Donegal Group by 21.4% during the 1st quarter. Hsbc Holdings PLC now owns 47,551 shares of the insurance provider's stock worth $936,000 after buying an additional 8,394 shares during the period. Finally, American Century Companies Inc. raised its stake in Donegal Group by 46.0% during the 1st quarter. American Century Companies Inc. now owns 37,964 shares of the insurance provider's stock worth $745,000 after buying an additional 11,958 shares during the period. Institutional investors own 27.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on DGICA shares. Zacks Research upgraded Donegal Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Wall Street Zen lowered Donegal Group from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Janney Montgomery Scott upgraded Donegal Group from a "neutral" rating to a "buy" rating in a 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $18.00.

Insider Buying and Selling at Donegal Group

In related news, major shareholder Mutual Insurance Co Donegal purchased 20,000 shares of Donegal Group stock in a transaction dated Friday, August 29th. The stock was bought at an average cost of $17.84 per share, for a total transaction of $356,800.00. Following the completion of the transaction, the insider owned 13,500,977 shares in the company, valued at $240,857,429.68. This trade represents a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired 192,958 shares of company stock valued at $3,575,146 in the last three months. 6.63% of the stock is currently owned by insiders.

Donegal Group Stock Performance

Shares of DGICA traded down $0.24 on Friday, reaching $19.48. 128,358 shares of the company's stock traded hands, compared to its average volume of 150,342. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.06. The stock has a market cap of $711.20 million and a PE ratio of 8.18. The stock's 50 day simple moving average is $17.98 and its two-hundred day simple moving average is $18.68. Donegal Group, Inc. has a 52-week low of $14.06 and a 52-week high of $21.12.

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

Donegal Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were paid a $0.1825 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.73 annualized dividend and a dividend yield of 3.7%. Donegal Group's payout ratio is presently 30.67%.

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.