Millennium Management LLC Raises Holdings in Donegal Group Inc. (NASDAQ:DGICA)

Millennium Management LLC lifted its holdings in shares of Donegal Group Inc. (NASDAQ:DGICA - Free Report) by 170.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,296 shares of the insurance provider's stock after purchasing an additional 65,146 shares during the period. Millennium Management LLC owned 0.30% of Donegal Group worth $1,598,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. KLP Kapitalforvaltning AS bought a new position in Donegal Group in the fourth quarter worth approximately $68,000. SG Americas Securities LLC purchased a new stake in shares of Donegal Group during the fourth quarter valued at approximately $128,000. BNP Paribas Financial Markets increased its position in shares of Donegal Group by 117.2% during the fourth 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. XTX Topco Ltd purchased a new stake in Donegal Group in the fourth quarter worth $162,000. Finally, Private Advisor Group LLC bought a new position in shares of Donegal Group in the fourth quarter worth $177,000. Institutional investors own 27.96% of the company's stock.

Insider Activity at Donegal Group

In related news, major shareholder Mutual Insurance Co Donegal acquired 15,000 shares of Donegal Group stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $17.83 per share, for a total transaction of $267,450.00. Following the purchase, the insider now directly owns 13,290,682 shares of the company's stock, valued at approximately $236,972,860.06. This trade represents a 0.11% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, VP William Albert Folmar sold 6,017 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $17.97, for a total value of $108,125.49. Following the completion of the sale, the vice president now owns 950 shares of the company's stock, valued at $17,071.50. The trade was a 86.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 141,839 shares of company stock valued at $2,726,856 and have sold 181,193 shares valued at $3,584,302. 6.63% of the stock is currently owned by insiders.

Donegal Group Stock Down 0.5%

Shares of DGICA stock traded down $0.09 during midday trading on Friday, reaching $19.48. 85,219 shares of the stock were exchanged, compared to its average volume of 88,964. Donegal Group Inc. has a 1 year low of $12.26 and a 1 year high of $21.12. The company's 50 day moving average is $19.34 and its two-hundred day moving average is $17.27. 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 firm has a market cap of $703.17 million, a PE ratio of 12.82 and a beta of -0.05.

Donegal Group (NASDAQ:DGICA - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The insurance provider reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.38. The firm had revenue of $245.57 million for the quarter, compared to analysts' expectations of $248.73 million. Donegal Group had a return on equity of 9.50% and a net margin of 5.14%. On average, equities research analysts predict 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. Investors of record on Thursday, May 1st were given a $0.1825 dividend. 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. This represents a $0.73 annualized dividend and a yield of 3.75%. Donegal Group's dividend payout ratio is 35.61%.

Analyst Ratings Changes

DGICA has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on Donegal Group from $17.00 to $18.00 and gave the company a "market perform" rating in a research note on Friday, April 25th. Wall Street Zen upgraded Donegal Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 31st.

Donegal Group 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.