Donegal Group, Inc. (NASDAQ:DGICA) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday.

According to Zacks, “Donegal Group Inc. is a regional property-casualty insurance holding company doing business in Mid-Atlantic and Southern states through its insurance subsidiaries: Atlantic States Insurance Company, Southern Heritage Insurance Company, Southern Insurance Company of Virginia, Delaware Atlantic Insurance Company, Pioneer Insurance Company, Ohio and Pioneer Insurance Company, New York. “

DGICA has been the topic of several other reports. Boenning Scattergood reiterated a “hold” rating on shares of Donegal Group in a research report on Thursday, July 20th. BidaskClub downgraded shares of Donegal Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $19.00 price target on shares of Donegal Group in a research report on Friday, July 14th.

Donegal Group (NASDAQ DGICA) traded up 1.51% on Tuesday, reaching $14.82. 18,466 shares of the company were exchanged. The firm has a market capitalization of $404.30 million, a P/E ratio of 31.40 and a beta of 0.32. The firm has a 50-day moving average of $15.74 and a 200 day moving average of $16.46. Donegal Group has a 12-month low of $14.49 and a 12-month high of $18.55.

Donegal Group (NASDAQ:DGICA) last issued its quarterly earnings data on Wednesday, July 19th. The insurance provider reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.04. The company had revenue of $182.48 million for the quarter, compared to the consensus estimate of $185.20 million. Donegal Group had a net margin of 1.84% and a return on equity of 2.24%. On average, equities analysts predict that Donegal Group will post $0.65 earnings per share for the current year.

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In other Donegal Group news, Director Robert S. Bolinger sold 12,000 shares of the stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $16.67, for a total value of $200,040.00. Following the transaction, the director now directly owns 9,185 shares in the company, valued at $153,113.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.90% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Donegal Group by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,580,912 shares of the insurance provider’s stock worth $27,634,000 after buying an additional 28,649 shares during the period. State Street Corp boosted its stake in shares of Donegal Group by 15.1% in the fourth quarter. State Street Corp now owns 175,180 shares of the insurance provider’s stock worth $3,062,000 after buying an additional 22,978 shares during the period. Philadelphia Trust Co. boosted its stake in shares of Donegal Group by 13.8% in the fourth quarter. Philadelphia Trust Co. now owns 484,113 shares of the insurance provider’s stock worth $8,462,000 after buying an additional 58,579 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Donegal Group by 2.2% in the first quarter. Wells Fargo & Company MN now owns 380,908 shares of the insurance provider’s stock worth $6,711,000 after buying an additional 8,217 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Donegal Group by 22.2% in the fourth quarter. Renaissance Technologies LLC now owns 333,000 shares of the insurance provider’s stock worth $5,821,000 after buying an additional 60,443 shares during the period. 29.37% of the stock is owned by hedge funds and other institutional investors.

About Donegal Group

Donegal Group Inc (DGI) is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance. The Company offered its insurance business to various businesses and individuals in 21 Mid-Atlantic, Midwestern, New England and Southern states, as of December 31, 2016.

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