Donegal Group (NASDAQ:DGICA) Shares Gap Up Following Earnings Beat

Shares of Donegal Group Inc. (NASDAQ:DGICA) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.54, but opened at $15.29. Donegal Group shares last traded at $15.21, with a volume of 4,250 shares changing hands.

The insurance provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.44. The business had revenue of $249.86 million during the quarter, compared to analysts’ expectations of $249.60 million. Donegal Group had a net margin of 0.76% and a return on equity of 0.89%.

Donegal Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a dividend of $0.172 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.69 dividend on an annualized basis and a yield of 4.54%. Donegal Group’s dividend payout ratio is currently 431.25%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Donegal Group from a “buy” rating to a “strong-buy” rating in a research note on Friday.

Insider Buying and Selling at Donegal Group

In related news, major shareholder Mutual Insurance Co Donegal purchased 3,848 shares of the business’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $14.13 per share, with a total value of $54,372.24. Following the transaction, the insider now owns 12,143,459 shares of the company’s stock, valued at approximately $171,587,075.67. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Vincent Anthony Viozzi sold 30,000 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $15.24, for a total value of $457,200.00. Following the completion of the transaction, the vice president now directly owns 9,891 shares in the company, valued at $150,738.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Mutual Insurance Co Donegal purchased 3,848 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average price of $14.13 per share, for a total transaction of $54,372.24. Following the transaction, the insider now owns 12,143,459 shares of the company’s stock, valued at $171,587,075.67. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 139,437 shares of company stock worth $2,062,143. Company insiders own 6.63% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in shares of Donegal Group by 125.0% in the first quarter. BNP Paribas Financial Markets now owns 10,364 shares of the insurance provider’s stock valued at $147,000 after buying an additional 5,757 shares in the last quarter. Empowered Funds LLC grew its stake in Donegal Group by 8.2% in the 1st quarter. Empowered Funds LLC now owns 111,216 shares of the insurance provider’s stock valued at $1,573,000 after acquiring an additional 8,400 shares during the period. Vanguard Group Inc. increased its holdings in Donegal Group by 34.7% in the 1st quarter. Vanguard Group Inc. now owns 1,183,005 shares of the insurance provider’s stock worth $16,728,000 after acquiring an additional 304,477 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Donegal Group during the first quarter worth $137,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Donegal Group by 30.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 75,833 shares of the insurance provider’s stock valued at $1,072,000 after purchasing an additional 17,614 shares in the last quarter. Institutional investors and hedge funds own 27.96% of the company’s stock.

Donegal Group Trading Down 4.0 %

The company’s 50-day moving average price is $14.86 and its 200-day moving average price is $13.93. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.07. The firm has a market cap of $506.24 million, a price-to-earnings ratio of 94.75 and a beta of -0.06.

Donegal Group Company Profile

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.