Donegal Group (NASDAQ:DGICA) Major Shareholder Purchases $191,400.00 in Stock

Key Points

• Major shareholder Mutual Insurance Co Donegal purchased 10,000 DGICA shares at an average price of $19.14, spending $191,400 and increasing its ownership to 14.31 million shares. The purchase continues a series of acquisitions made since August 20.
• Donegal Group shares fell 0.9% to $18.83, while the company maintains a quarterly dividend of $0.1925, equivalent to a 4.1% annualized yield.
• The insurer exceeded quarterly earnings expectations, reporting $0.53 in EPS versus a $0.42 consensus and revenue of $241.12 million. Analysts’ average rating remains Hold, with a consensus price target of $20.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) major shareholder Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock in a transaction on Tuesday, September 8th. The shares were acquired at an average cost of $19.14 per share, for a total transaction of $191,400.00. Following the purchase, the insider owned 14,308,934 shares in the company, valued at approximately $273,872,996.76. This trade represents a 0.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, September 4th, Mutual Insurance Co Donegal purchased 6,368 shares of Donegal Group stock. The stock was acquired at an average price of $19.39 per share, with a total value of $123,475.52.
• On Thursday, September 3rd, Mutual Insurance Co Donegal acquired 9,595 shares of Donegal Group stock. The shares were bought at an average cost of $19.53 per share, with a total value of $187,390.35.
• On Wednesday, September 2nd, Mutual Insurance Co Donegal acquired 10,000 shares of Donegal Group stock. The shares were bought at an average price of $19.43 per share, for a total transaction of $194,300.00.
• On Tuesday, September 1st, Mutual Insurance Co Donegal bought 9,257 shares of Donegal Group stock. The stock was bought at an average cost of $19.17 per share, for a total transaction of $177,456.69.
• On Monday, August 31st, Mutual Insurance Co Donegal bought 10,000 shares of Donegal Group stock. The stock was bought at an average price of $19.18 per share, with a total value of $191,800.00.
• On Thursday, August 27th, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The shares were bought at an average cost of $18.95 per share, with a total value of $189,500.00.
• On Wednesday, August 26th, Mutual Insurance Co Donegal purchased 9,508 shares of Donegal Group stock. The shares were bought 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 bought at an average cost of $19.06 per share, for a total transaction of $190,600.00.
• On Friday, August 21st, Mutual Insurance Co Donegal purchased 10,000 shares of Donegal Group stock. The stock was bought 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 shares were bought at an average cost of $18.66 per share, with a total value of $183,147.90.

Donegal Group Trading Down 0.9%

Shares of DGICA stock traded down $0.17 on Wednesday, reaching $18.83. 36,860 shares of the stock were exchanged, compared to its average volume of 125,723. The stock has a market cap of $1.24 billion, a P/E ratio of 9.76 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. The firm has a 50 day moving average of $19.00 and a two-hundred day moving average of $17.93. Donegal Group, Inc. has a 1-year low of $16.11 and a 1-year high of $21.06.

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

Donegal Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $0.1925 dividend. This represents a $0.77 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, July 31st. Donegal Group's payout ratio is currently 39.90%.

Institutional Trading of Donegal Group

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Weiss Ratings upgraded shares of Donegal Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, August 28th. Keefe, Bruyette & Woods boosted their price objective on shares of Donegal Group from $18.00 to $20.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.