Pinnacle Associates Ltd. Purchases Shares of 36,396 Donegal Group, Inc. (NASDAQ:DGICA)

Key Points

• Pinnacle Associates Ltd. has invested approximately $714,000 in Donegal Group by purchasing 36,396 shares, representing around 0.10% of the company's stock.
• Donegal Group reported an earnings per share (EPS) of $0.43 for the last quarter, exceeding analysts' expectations of $0.36.
• The firm has declared a quarterly dividend of $0.1825 per share, with a record date of August 1st, resulting in an annualized yield of 4.21%.

Pinnacle Associates Ltd. bought a new stake in shares of Donegal Group, Inc. (NASDAQ:DGICA - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 36,396 shares of the insurance provider's stock, valued at approximately $714,000. Pinnacle Associates Ltd. owned about 0.10% of Donegal Group as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS purchased a new position in Donegal Group during the 4th quarter valued at $68,000. CWM LLC lifted its stake in shares of Donegal Group by 78.0% during the 1st quarter. CWM LLC now owns 5,163 shares of the insurance provider's stock worth $101,000 after purchasing an additional 2,263 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Donegal Group by 117.2% during the 4th quarter. BNP Paribas Financial Markets now owns 8,420 shares of the insurance provider's stock worth $130,000 after purchasing an additional 4,544 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Donegal Group during the 4th quarter worth $162,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Donegal Group during the 4th quarter worth $173,000. Institutional investors own 27.96% of the company's stock.

Insider Buying and Selling at Donegal Group

In related news, insider Kevin Gerard Burke sold 27,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $19.83, for a total value of $535,410.00. Following the completion of the transaction, the insider owned 11,672 shares of the company's stock, valued at approximately $231,455.76. This trade represents a 69.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Mutual Insurance Co Donegal bought 71,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were bought at an average cost of $19.83 per share, with a total value of $1,407,930.00. Following the purchase, the insider directly owned 13,441,621 shares in the company, valued at approximately $266,547,344.43. This trade represents a 0.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 147,851 shares of company stock valued at $2,961,336. 6.63% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

DGICA has been the topic of a number of research reports. Wall Street Zen lowered Donegal Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Keefe, Bruyette & Woods increased their price target on Donegal Group from $17.00 to $18.00 and gave the stock a "market perform" rating in a research report on Friday, April 25th.

Donegal Group Stock Performance

DGICA stock traded up $0.11 during trading on Thursday, hitting $17.44. The company had a trading volume of 31,740 shares, compared to its average volume of 126,128. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $19.07 and a 200-day moving average price of $18.05. Donegal Group, Inc. has a 1-year low of $13.35 and a 1-year high of $21.12. The firm has a market cap of $629.58 million, a PE ratio of 7.32 and a beta of 0.01.

Donegal Group (NASDAQ:DGICA - Get Free Report) last posted its earnings results on Thursday, July 24th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.07. The firm had revenue of $233.81 million for the quarter, compared to analyst estimates of $247.21 million. Donegal Group had a return on equity of 14.70% and a net margin of 8.33%. On average, analysts expect that Donegal Group, Inc. will post 1.2 earnings per share for the current year.

Donegal Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a dividend of $0.1825 per share. The ex-dividend date is Friday, August 1st. This represents a $0.73 dividend on an annualized basis and a dividend yield of 4.19%. Donegal Group's dividend payout ratio (DPR) is presently 30.67%.

About Donegal Group

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.