Donegal Group (NASDAQ:DGICA) Insider Sells 24,000 Shares of Stock

Key Points

• Insider sale: Kevin Burke sold 24,000 Donegal Group shares at an average price of $19.23, generating $461,520 and reducing his direct ownership by 63.37% to 13,870 shares.
• Financial performance: Donegal Group reported quarterly EPS of $0.53, exceeding the $0.42 analyst consensus, while revenue of $241.12 million also topped estimates.
• Dividend and outlook: The company pays a quarterly dividend of $0.1925, equivalent to a 4.0% annual yield. Analysts maintain an average “Hold” rating with a $20.00 price target, while institutional investors own 27.96% of the stock.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) insider Kevin Burke sold 24,000 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $19.23, for a total transaction of $461,520.00. Following the completion of the transaction, the insider directly owned 13,870 shares of the company's stock, valued at approximately $266,720.10. This trade represents a 63.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Donegal Group Stock Performance

Shares of NASDAQ:DGICA traded up $0.02 during trading on Monday, hitting $19.38. 27,742 shares of the company were exchanged, compared to its average volume of 125,350. Donegal Group, Inc. has a 52-week low of $16.11 and a 52-week high of $21.06. The stock has a 50 day moving average of $19.00 and a 200 day moving average of $17.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.39 and a quick ratio of 0.39. The company has a market cap of $1.28 billion, a PE ratio of 10.04 and a beta of -0.01.

Donegal Group (NASDAQ:DGICA - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The insurance provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.11. The company had revenue of $241.12 million for the quarter, compared to analyst estimates of $231.53 million. Donegal Group had a return on equity of 10.65% and a net margin of 7.38%. As a group, equities research analysts predict that Donegal Group, Inc. will post 1.75 EPS for the current year.

Donegal Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $0.1925 dividend. This represents a $0.77 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, July 31st. Donegal Group's dividend payout ratio is presently 39.90%.

Institutional Investors Weigh In On Donegal Group

A number of hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its stake in shares of Donegal Group by 576.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,747 shares of the insurance provider's stock valued at $55,000 after acquiring an additional 2,341 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Donegal Group by 422.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,679 shares of the insurance provider's stock worth $74,000 after buying an additional 2,975 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Donegal Group by 31.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,733 shares of the insurance provider's stock worth $75,000 after acquiring an additional 896 shares in the last quarter. IFP Advisors Inc grew its holdings in Donegal Group by 1,377.6% in the fourth quarter. IFP Advisors Inc now owns 3,768 shares of the insurance provider's stock worth $75,000 after purchasing an additional 3,513 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in Donegal Group by 443.9% in the second quarter. Tower Research Capital LLC TRC now owns 4,928 shares of the insurance provider's stock worth $99,000 after purchasing an additional 4,022 shares during the period. 27.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DGICA has been the topic of a number of analyst reports. Weiss Ratings raised shares of Donegal Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, August 28th. Keefe, Bruyette & Woods increased their price objective on Donegal Group from $18.00 to $20.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $20.00.

Donegal Group Company Profile

Donegal Group Inc is an insurance holding company that provides property and casualty insurance through a network of independent insurance agents. The company operates through regional insurance subsidiaries affiliated with Donegal Mutual Insurance Company and serves individuals, families, farms, and businesses.

Its personal insurance products generally include automobile, homeowners, dwelling fire, renters, and farmowners coverage. Donegal Group also offers commercial insurance, including businessowners policies, commercial automobile, commercial package, workers' compensation, general liability, and related coverages.

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