Mutual Insurance Co Donegal Purchases 19,440 Shares of Donegal Group (NASDAQ:DGICA) Stock

Key Points

• Mutual Insurance Co Donegal purchased an additional 19,440 shares of Donegal Group (NASDAQ:DGICA) at an average cost of $18.27 per share, raising their ownership to over 13.5 million shares.
• Donegal Group recently reported earnings of $0.43 per share, exceeding analyst estimates, with revenues of $233.81 million for the quarter.
• The company announced a quarterly dividend of $0.1825 per share, providing a 3.9% annualized yield, with a payout ratio currently at 30.67%.

Donegal Group, Inc. (NASDAQ:DGICA - Get Free Report) major shareholder Mutual Insurance Co Donegal bought 19,440 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was bought at an average cost of $18.27 per share, for a total transaction of $355,168.80. Following the completion of the purchase, the insider directly owned 13,520,417 shares of the company's stock, valued at $247,018,018.59. This represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 3rd, Mutual Insurance Co Donegal purchased 20,000 shares of Donegal Group stock. The stock was bought at an average cost of $18.37 per share, for a total transaction of $367,400.00.
• On Friday, August 29th, Mutual Insurance Co Donegal acquired 20,000 shares of Donegal Group stock. The shares were bought at an average cost of $17.84 per share, with a total value of $356,800.00.
• On Thursday, August 28th, Mutual Insurance Co Donegal bought 8,032 shares of Donegal Group stock. The stock was bought at an average price of $17.61 per share, with a total value of $141,443.52.
• On Tuesday, August 26th, Mutual Insurance Co Donegal purchased 15,815 shares of Donegal Group stock. The shares were purchased at an average price of $17.45 per share, for a total transaction of $275,971.75.
• On Wednesday, August 27th, Mutual Insurance Co Donegal acquired 15,509 shares of Donegal Group stock. The shares were purchased at an average price of $17.49 per share, for a total transaction of $271,252.41.

Donegal Group Stock Performance

NASDAQ:DGICA opened at $18.81 on Thursday. The company has a market capitalization of $686.75 million and a price-to-earnings ratio of 7.92. The business has a 50 day moving average of $18.01 and a 200 day moving average of $18.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.40 and a quick ratio of 0.40. Donegal Group, Inc. has a 1-year low of $14.06 and a 1-year high of $21.12.

Donegal Group (NASDAQ:DGICA - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The insurance provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. Donegal Group had a return on equity of 14.33% and a net margin of 8.33%.The firm had revenue of $233.81 million during the quarter, compared to the consensus estimate of $247.21 million. On average, sell-side analysts predict that Donegal Group, Inc. will post 1.2 earnings per share for the current fiscal year.

Donegal Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were paid a dividend of $0.1825 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.73 annualized dividend and a yield of 3.9%. Donegal Group's payout ratio is presently 30.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Janney Montgomery Scott raised shares of Donegal Group from a "neutral" rating to a "buy" rating in a research note on Tuesday. Wall Street Zen lowered Donegal Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Hedge Funds Weigh In On Donegal Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Donegal Group by 24.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,875 shares of the insurance provider's stock worth $272,000 after purchasing an additional 2,695 shares during the period. GAMMA Investing LLC raised its position in Donegal Group by 4,607.4% in the first quarter. GAMMA Investing LLC now owns 14,075 shares of the insurance provider's stock worth $276,000 after acquiring an additional 13,776 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Donegal Group by 21.4% during the 1st quarter. Hsbc Holdings PLC now owns 47,551 shares of the insurance provider's stock worth $936,000 after acquiring an additional 8,394 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of Donegal Group by 87.6% during the 4th quarter. Two Sigma Investments LP now owns 89,437 shares of the insurance provider's stock worth $1,384,000 after acquiring an additional 41,763 shares during the last quarter. Finally, XTX Topco Ltd grew its position in shares of Donegal Group by 56.8% during the 1st quarter. XTX Topco Ltd now owns 16,387 shares of the insurance provider's stock valued at $322,000 after acquiring an additional 5,935 shares during the period. 27.96% of the stock is currently owned by hedge funds and other institutional investors.

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.

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