GAMMA Investing LLC Increases Stock Holdings in Donegal Group, Inc. (NASDAQ:DGICA)

GAMMA Investing LLC grew its holdings in shares of Donegal Group, Inc. (NASDAQ:DGICA - Free Report) by 4,607.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,075 shares of the insurance provider's stock after purchasing an additional 13,776 shares during the quarter. GAMMA Investing LLC's holdings in Donegal Group were worth $276,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DGICA. Private Advisor Group LLC purchased a new stake in shares of Donegal Group in the 4th quarter worth $177,000. Bank of New York Mellon Corp grew its holdings in Donegal Group by 4.2% during the fourth quarter. Bank of New York Mellon Corp now owns 122,417 shares of the insurance provider's stock valued at $1,894,000 after purchasing an additional 4,967 shares during the period. Charles Schwab Investment Management Inc. increased its position in Donegal Group by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 44,492 shares of the insurance provider's stock worth $688,000 after buying an additional 1,773 shares in the last quarter. Inceptionr LLC bought a new position in shares of Donegal Group in the fourth quarter worth about $218,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Donegal Group by 124.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,746 shares of the insurance provider's stock valued at $3,647,000 after buying an additional 130,489 shares in the last quarter. Hedge funds and other institutional investors own 27.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DGICA. Keefe, Bruyette & Woods raised their price objective on shares of Donegal Group from $17.00 to $18.00 and gave the company a "market perform" rating in a research report on Friday, April 25th. Wall Street Zen upgraded Donegal Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 31st.

Donegal Group Trading Up 0.6%

Shares of NASDAQ DGICA opened at $19.07 on Friday. Donegal Group, Inc. has a 1-year low of $12.26 and a 1-year high of $21.12. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.40 and a quick ratio of 0.40. The business's 50 day moving average is $19.47 and its two-hundred day moving average is $17.47. The stock has a market capitalization of $688.43 million, a P/E ratio of 9.30 and a beta of 0.02.

Donegal Group (NASDAQ:DGICA - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The insurance provider reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.38. The business had revenue of $245.57 million for the quarter, compared to analysts' expectations of $248.73 million. Donegal Group had a net margin of 7.06% and a return on equity of 12.82%. As a group, research analysts expect that Donegal Group, Inc. will post 1.2 EPS for the current year.

Donegal Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a $0.1825 dividend. This represents a $0.73 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, May 1st. This is an increase from Donegal Group's previous quarterly dividend of $0.17. Donegal Group's dividend payout ratio is 35.61%.

Insiders Place Their Bets

In other news, VP Kristi Spencer Altshuler sold 15,239 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $19.38, for a total transaction of $295,331.82. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Vincent Anthony Viozzi sold 19,173 shares of Donegal Group stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $20.24, for a total value of $388,061.52. Following the completion of the sale, the vice president now owns 8,143 shares of the company's stock, valued at $164,814.32. The trade was a 70.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,724 shares of company stock worth $3,269,040 over the last quarter. Company insiders own 6.63% of the company's stock.

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.

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