JPMorgan Chase & Co. Lowers Holdings in Donegal Group Inc. (NASDAQ:DGICA)

JPMorgan Chase & Co. lowered its position in shares of Donegal Group Inc. (NASDAQ:DGICA) by 27.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,765 shares of the insurance provider’s stock after selling 10,238 shares during the quarter. JPMorgan Chase & Co. owned 0.08% of Donegal Group worth $395,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in DGICA. Hsbc Holdings PLC raised its stake in shares of Donegal Group by 7.8% during the 2nd quarter. Hsbc Holdings PLC now owns 31,091 shares of the insurance provider’s stock worth $389,000 after buying an additional 2,250 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Donegal Group in the second quarter worth $448,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Donegal Group by 82.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 105,257 shares of the insurance provider’s stock worth $1,551,000 after acquiring an additional 47,447 shares in the last quarter. Foundry Partners LLC lifted its holdings in Donegal Group by 1.0% in the third quarter. Foundry Partners LLC now owns 244,600 shares of the insurance provider’s stock valued at $3,605,000 after acquiring an additional 2,310 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Donegal Group by 39.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,767 shares of the insurance provider’s stock worth $896,000 after purchasing an additional 17,125 shares in the last quarter. Institutional investors and hedge funds own 27.96% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Donegal Group from a “buy” rating to a “strong-buy” rating in a report on Friday, October 25th.

Donegal Group Stock Down 0.5 %

DGICA opened at $14.69 on Thursday. The business’s fifty day simple moving average is $15.54 and its 200 day simple moving average is $15.08. Donegal Group Inc. has a 52 week low of $12.26 and a 52 week high of $17.00. The firm has a market cap of $497.93 million, a P/E ratio of 19.33 and a beta of -0.01. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.07.

Donegal Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Tuesday, February 4th will be issued a dividend of $0.1725 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This is an increase from Donegal Group’s previous quarterly dividend of $0.17. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.70%. Donegal Group’s payout ratio is 90.79%.

Insider Activity

In related news, major shareholder Mutual Insurance Co Donegal bought 270,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $16.66 per share, with a total value of $4,498,200.00. Following the completion of the transaction, the insider now owns 13,046,126 shares of the company’s stock, valued at approximately $217,348,459.16. The trade was a 2.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Christina Marie Hoffman sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $15.82, for a total transaction of $474,600.00. Following the transaction, the vice president now directly owns 4,289 shares of the company’s stock, valued at $67,851.98. This trade represents a 87.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 466,377 shares of company stock valued at $7,696,509 and sold 323,564 shares valued at $5,344,273. Company insiders own 6.63% of the company’s stock.

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.