Donegal Group (NASDAQ:DGICA) Major Shareholder Buys 9,595 Shares

Key Points

• Mutual Insurance Co Donegal purchased 9,595 Donegal Group shares at an average price of $19.53, investing $187,390.35. The transaction increased its stake by 0.07% to 14.29 million shares.
• The major shareholder has made a series of purchases since August 17, acquiring roughly 98,000 additional shares at prices ranging from $18.52 to $19.53.
• Donegal Group recently exceeded quarterly earnings expectations, reporting $0.53 EPS versus $0.42 expected and $241.12 million in revenue. The company pays a $0.77 annualized dividend, yielding about 4%, while analysts maintain a consensus “Hold” rating with a $20 price target.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) major shareholder Mutual Insurance Co Donegal purchased 9,595 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was bought at an average cost of $19.53 per share, for a total transaction of $187,390.35. Following the completion of the purchase, the insider directly owned 14,292,566 shares in the company, valued at $279,133,813.98. This represents a 0.07% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Wednesday, September 2nd, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The shares were purchased at an average price of $19.43 per share, with a total value of $194,300.00.
• On Tuesday, September 1st, Mutual Insurance Co Donegal bought 9,257 shares of Donegal Group stock. The shares were purchased at an average cost of $19.17 per share, with a total value of $177,456.69.
• On Monday, August 31st, Mutual Insurance Co Donegal bought 10,000 shares of Donegal Group stock. The stock was purchased at an average price of $19.18 per share, for a total transaction of $191,800.00.
• On Thursday, August 27th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The stock was purchased at an average cost of $18.95 per share, for a total transaction of $189,500.00.
• On Wednesday, August 26th, Mutual Insurance Co Donegal purchased 9,508 shares of Donegal Group stock. The stock was purchased at an average cost of $19.11 per share, for a total transaction of $181,697.88.
• On Monday, August 24th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were purchased at an average price of $19.06 per share, with a total value of $190,600.00.
• On Friday, August 21st, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The stock was purchased at an average price of $18.68 per share, for a total transaction of $186,800.00.
• On Thursday, August 20th, Mutual Insurance Co Donegal acquired 9,815 shares of Donegal Group stock. The stock was purchased at an average price of $18.66 per share, for a total transaction of $183,147.90.
• On Wednesday, August 19th, Mutual Insurance Co Donegal bought 9,700 shares of Donegal Group stock. The shares were acquired at an average cost of $18.61 per share, for a total transaction of $180,517.00.
• On Monday, August 17th, Mutual Insurance Co Donegal bought 10,000 shares of Donegal Group stock. The shares were acquired at an average cost of $18.52 per share, with a total value of $185,200.00.

Donegal Group Price Performance

Shares of NASDAQ DGICA opened at $19.42 on Friday. The firm has a 50-day simple moving average of $18.97 and a 200-day simple moving average of $17.91. The stock has a market capitalization of $720.87 million, a price-to-earnings ratio of 10.06 and a beta of -0.01. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05. Donegal Group, Inc. has a 52 week low of $16.11 and a 52 week high of $21.06.

Donegal Group (NASDAQ:DGICA - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The insurance provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.11. The firm had revenue of $241.12 million for the quarter, compared to the consensus estimate of $231.53 million. Donegal Group had a net margin of 7.38% and a return on equity of 10.65%. On average, equities analysts predict that Donegal Group, Inc. will post 1.75 earnings per share for the current fiscal year.

Donegal Group Dividend Announcement

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

Institutional Investors Weigh In On Donegal Group

A number of hedge funds have recently modified their holdings of the company. Allianz Asset Management GmbH purchased a new position in Donegal Group during the second quarter worth about $220,000. California State Teachers Retirement System increased its holdings in shares of Donegal Group by 1,721.1% during the 2nd quarter. California State Teachers Retirement System now owns 278,204 shares of the insurance provider's stock worth $5,247,000 after buying an additional 262,927 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Donegal Group during the 2nd quarter worth approximately $344,000. Ancora Advisors LLC purchased a new stake in shares of Donegal Group during the 2nd quarter valued at approximately $273,000. Finally, Bank of America Corp DE raised its position in shares of Donegal Group by 3.1% during the 1st quarter. Bank of America Corp DE now owns 73,820 shares of the insurance provider's stock valued at $1,268,000 after buying an additional 2,243 shares during the period. Hedge funds and other institutional investors own 27.96% of the company's stock.

Analysts Set New Price Targets

DGICA has been the topic of several recent research reports. Weiss Ratings upgraded Donegal Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, August 28th. Keefe, Bruyette & Woods lifted 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 issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $20.00.

About Donegal Group

Donegal Group, Inc NASDAQ: DGICA is a property and casualty insurance holding company headquartered in Marietta, Pennsylvania. Through a network of independent agencies, the company offers a suite of personal and commercial insurance products. Its underwriting subsidiaries provide homeowners, automobile, farmowner, commercial multi-peril, surety and umbrella coverages designed to meet the needs of individuals, families and businesses.

The company's origins date back to 1925 with the formation of Donegal Mutual Insurance Company to serve rural communities in Pennsylvania.

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