Donegal Group Inc. (NASDAQ:DGICA) Short Interest Down 8.5% in January

Donegal Group Inc. (NASDAQ:DGICA) saw a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 37,800 shares, a drop of 8.5% from the January 15th total of 41,300 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 18,200 shares, the days-to-cover ratio is currently 2.1 days.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Donegal Group by 6.6% in the second quarter. BlackRock Inc. now owns 885,331 shares of the insurance provider’s stock worth $13,518,000 after acquiring an additional 54,446 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Donegal Group by 1.0% in the fourth quarter. Renaissance Technologies LLC now owns 608,252 shares of the insurance provider’s stock worth $9,014,000 after acquiring an additional 6,233 shares in the last quarter. State Street Corp increased its position in shares of Donegal Group by 16.3% in the fourth quarter. State Street Corp now owns 253,350 shares of the insurance provider’s stock worth $3,755,000 after acquiring an additional 35,475 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Donegal Group by 42.0% in the fourth quarter. Bank of New York Mellon Corp now owns 111,273 shares of the insurance provider’s stock worth $1,649,000 after acquiring an additional 32,894 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Donegal Group by 35.0% in the fourth quarter. Panagora Asset Management Inc. now owns 62,825 shares of the insurance provider’s stock worth $931,000 after acquiring an additional 16,285 shares in the last quarter. 31.00% of the stock is currently owned by institutional investors.

Donegal Group stock traded down $0.01 during trading hours on Friday, hitting $14.74. 19,200 shares of the company traded hands, compared to its average volume of 13,239. The firm has a market cap of $418.76 million, a P/E ratio of 23.03 and a beta of 0.29. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.09. The firm’s 50-day simple moving average is $14.47 and its two-hundred day simple moving average is $14.53. Donegal Group has a 1-year low of $12.42 and a 1-year high of $15.43.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.58 annualized dividend and a dividend yield of 3.93%. Donegal Group’s dividend payout ratio is currently -58.00%.

DGICA has been the topic of several recent research reports. TheStreet upgraded shares of Donegal Group from a “c” rating to a “b-” rating in a research report on Thursday, October 31st. BidaskClub downgraded shares of Donegal Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 23rd. Finally, Zacks Investment Research downgraded shares of Donegal Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 31st. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $17.00.

Donegal Group Company Profile

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, Commercial Lines of Insurance, and Investment in DFSC.

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