Donegal Group (NASDAQ:DGICA) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Donegal Group, Inc. (NASDAQ:DGICA) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $18.08 and traded as high as $18.93. Donegal Group shares last traded at $18.8550, with a volume of 116,731 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently commented on DGICA. Keefe, Bruyette & Woods decreased their price objective on shares of Donegal Group from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Friday, May 1st. Weiss Ratings upgraded shares of Donegal Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Donegal Group Price Performance

The company has a fifty day moving average of $17.42 and a 200-day moving average of $18.08. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.05. The stock has a market cap of $698.58 million, a PE ratio of 10.53 and a beta of 0.01.

Donegal Group (NASDAQ:DGICA) last announced its earnings results on Thursday, April 30th. The insurance provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.08). The firm had revenue of $236.00 million for the quarter, compared to analysts’ expectations of $247.83 million. Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. Sell-side analysts expect that Donegal Group, Inc. will post 1.75 EPS for the current fiscal year.

Donegal Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were given a dividend of $0.1925 per share. This is a boost from Donegal Group’s previous quarterly dividend of $0.18. This represents a $0.77 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, May 1st. Donegal Group’s dividend payout ratio is currently 43.02%.

Insider Activity at Donegal Group

In other Donegal Group news, major shareholder Mutual Insurance Co Donegal acquired 10,000 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was acquired at an average price of $16.62 per share, with a total value of $166,200.00. Following the completion of the purchase, the insider owned 14,117,109 shares in the company, valued at $234,626,351.58. This trade represents a 0.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 139,487 shares of company stock valued at $2,392,488 over the last ninety days. Company insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Donegal Group

A number of hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its position in Donegal Group by 576.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,747 shares of the insurance provider’s stock valued at $55,000 after buying an additional 2,341 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Donegal Group by 422.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,679 shares of the insurance provider’s stock worth $74,000 after acquiring an additional 2,975 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Donegal Group by 31.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,733 shares of the insurance provider’s stock valued at $75,000 after acquiring an additional 896 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Donegal Group by 1,377.6% in the fourth quarter. IFP Advisors Inc now owns 3,768 shares of the insurance provider’s stock valued at $75,000 after acquiring an additional 3,513 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Donegal Group by 443.9% in the second quarter. Tower Research Capital LLC TRC now owns 4,928 shares of the insurance provider’s stock valued at $99,000 after purchasing an additional 4,022 shares during the period. 27.96% of the stock is currently owned by institutional investors and hedge funds.

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.