Donegal Group (NASDAQ:DGICA) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Donegal Group, Inc. (NASDAQ:DGICA) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $19.03 and traded as high as $19.41. Donegal Group shares last traded at $18.98, with a volume of 124,258 shares changing hands.

Analysts Set New Price Targets

Several research firms have issued reports on DGICA. Zacks Research lowered shares of Donegal Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Donegal Group in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods increased their target price on Donegal Group from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Tuesday, January 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Donegal Group Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.39 and a current ratio of 0.39. The business has a 50-day simple moving average of $19.61 and a 200 day simple moving average of $19.03. The firm has a market cap of $695.43 million, a P/E ratio of 7.84 and a beta of 0.04.

Donegal Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 3rd will be given a $0.1825 dividend. This represents a $0.73 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, February 3rd. Donegal Group’s dividend payout ratio (DPR) is currently 30.17%.

Insiders Place Their Bets

In other news, VP Kristi Spencer Altshuler sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $20.25, for a total value of $243,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Mutual Insurance Co Donegal acquired 22,819 shares of the stock in a transaction on Wednesday, December 10th. The shares were purchased at an average cost of $20.05 per share, with a total value of $457,520.95. Following the transaction, the insider directly owned 13,913,704 shares of the company’s stock, valued at approximately $278,969,765.20. This trade represents a 0.16% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 247,529 shares of company stock worth $4,796,693 and sold 22,574 shares worth $453,249. 6.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Donegal Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Strs Ohio grew its stake in shares of Donegal Group by 3.7% in the 4th quarter. Strs Ohio now owns 28,300 shares of the insurance provider’s stock worth $565,000 after buying an additional 1,000 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Donegal Group by 8.9% in the third quarter. Public Employees Retirement System of Ohio now owns 12,215 shares of the insurance provider’s stock worth $237,000 after acquiring an additional 1,000 shares in the last quarter. CWM LLC boosted its holdings in Donegal Group by 21.9% in the second quarter. CWM LLC now owns 6,293 shares of the insurance provider’s stock worth $126,000 after acquiring an additional 1,130 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Donegal Group by 1.0% in the third quarter. Qube Research & Technologies Ltd now owns 132,848 shares of the insurance provider’s stock worth $2,576,000 after acquiring an additional 1,274 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Donegal Group by 79.1% during the third quarter. Versant Capital Management Inc now owns 3,009 shares of the insurance provider’s stock valued at $58,000 after acquiring an additional 1,329 shares in the last quarter. Institutional investors own 27.96% of the company’s stock.

About Donegal Group

Donegal Group, Inc (NASDAQ: DGICA) is a property and casualty insurance holding company headquartered in Marietta, Pennsylvania. Through a network of independent agencies, the company offers a suite of personal and commercial insurance products. Its underwriting subsidiaries provide homeowners, automobile, farmowner, commercial multi-peril, surety and umbrella coverages designed to meet the needs of individuals, families and businesses.

The company’s origins date back to 1925 with the formation of Donegal Mutual Insurance Company to serve rural communities in Pennsylvania.