Donegal Group (NASDAQ:DGICA) Sets New 1-Year High on Insider Buying Activity

Shares of Donegal Group Inc. (NASDAQ:DGICA) reached a new 52-week high during mid-day trading on Thursday following insider buying activity. The stock traded as high as $18.23 and last traded at $18.19, with a volume of 78104 shares changing hands. The stock had previously closed at $17.71.

Specifically, major shareholder Mutual Insurance Co Donegal acquired 11,600 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $17.59 per share, for a total transaction of $204,044.00. Following the acquisition, the insider now directly owns 13,314,382 shares in the company, valued at approximately $234,199,979.38. The trade was a 0.09 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Mutual Insurance Co Donegal acquired 15,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $17.83 per share, with a total value of $267,450.00. Following the transaction, the insider now directly owns 13,290,682 shares of the company’s stock, valued at approximately $236,972,860.06. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, major shareholder Mutual Insurance Co Donegal acquired 14,608 shares of the stock in a transaction on Friday, March 7th. The stock was bought at an average price of $17.96 per share, with a total value of $262,359.68. Following the completion of the transaction, the insider now directly owns 13,275,682 shares of the company’s stock, valued at $238,431,248.72. The trade was a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Donegal Group Price Performance

The business’s fifty day simple moving average is $15.61 and its 200 day simple moving average is $15.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market cap of $614.53 million, a price-to-earnings ratio of 11.93 and a beta of -0.04.

Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings data on Thursday, February 20th. The insurance provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.39. Donegal Group had a return on equity of 9.50% and a net margin of 5.14%. The firm had revenue of $249.70 million for the quarter, compared to analysts’ expectations of $250.61 million. Research analysts predict that Donegal Group Inc. will post 1.2 EPS for the current fiscal year.

Donegal Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Tuesday, February 4th were issued a $0.1725 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 3.81%. This is a positive change from Donegal Group’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, February 4th. Donegal Group’s dividend payout ratio is 45.39%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DGICA. Bank of America Corp DE lifted its position in shares of Donegal Group by 3.0% during the 4th quarter. Bank of America Corp DE now owns 29,572 shares of the insurance provider’s stock valued at $457,000 after acquiring an additional 871 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Donegal Group by 0.4% during the fourth quarter. Wells Fargo & Company MN now owns 223,593 shares of the insurance provider’s stock valued at $3,459,000 after purchasing an additional 897 shares during the last quarter. Martingale Asset Management L P boosted its position in shares of Donegal Group by 4.2% in the 3rd quarter. Martingale Asset Management L P now owns 22,353 shares of the insurance provider’s stock valued at $329,000 after purchasing an additional 902 shares during the period. Corton Capital Inc. increased its stake in Donegal Group by 7.4% in the 4th quarter. Corton Capital Inc. now owns 16,101 shares of the insurance provider’s stock worth $249,000 after purchasing an additional 1,108 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Donegal Group by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 44,492 shares of the insurance provider’s stock worth $688,000 after purchasing an additional 1,773 shares in the last quarter. 27.96% of the stock is owned by institutional investors and hedge funds.

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.