Donegal Group Inc. (NASDAQ:DGICA) saw a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 79,800 shares, a drop of 16.0% from the March 31st total of 95,000 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average trading volume of 81,500 shares, the days-to-cover ratio is presently 1.0 days.
In other news, Director Richard D. Wampler II sold 12,000 shares of the firm’s stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $15.51, for a total transaction of $186,120.00. Following the completion of the transaction, the director now directly owns 20,602 shares in the company, valued at $319,537.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Mutual Insurance Co Donegal acquired 75,000 shares of the stock in a transaction dated Thursday, March 11th. The shares were bought at an average price of $14.85 per share, with a total value of $1,113,750.00. Following the completion of the transaction, the insider now directly owns 10,342,692 shares of the company’s stock, valued at $153,588,976.20. The disclosure for this purchase can be found here. 9.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC bought a new stake in shares of Donegal Group during the first quarter valued at approximately $80,000. JPMorgan Chase & Co. increased its holdings in shares of Donegal Group by 58.2% during the third quarter. JPMorgan Chase & Co. now owns 6,008 shares of the insurance provider’s stock valued at $84,000 after acquiring an additional 2,211 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Donegal Group during the fourth quarter valued at approximately $146,000. Credit Suisse AG boosted its position in shares of Donegal Group by 40.6% during the fourth quarter. Credit Suisse AG now owns 14,065 shares of the insurance provider’s stock valued at $198,000 after buying an additional 4,062 shares during the last quarter. Finally, Ancora Advisors LLC boosted its position in shares of Donegal Group by 15.9% during the fourth quarter. Ancora Advisors LLC now owns 16,779 shares of the insurance provider’s stock valued at $236,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 32.93% of the company’s stock.
DGICA stock traded down $0.13 during mid-day trading on Tuesday, reaching $15.22. The company’s stock had a trading volume of 91,589 shares, compared to its average volume of 77,574. The company has a market cap of $460.80 million and a price-to-earnings ratio of 8.39. The business’s 50 day moving average price is $15.38 and its 200 day moving average price is $14.54. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.18. Donegal Group has a 12 month low of $12.38 and a 12 month high of $16.48.
Donegal Group (NASDAQ:DGICA) last issued its earnings results on Sunday, April 25th. The insurance provider reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.06). Donegal Group had a return on equity of 10.77% and a net margin of 6.71%. As a group, equities analysts expect that Donegal Group will post 1.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 17th. Stockholders of record on Monday, May 3rd will be issued a dividend of $0.16 per share. This is an increase from Donegal Group’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, April 30th. This represents a $0.64 annualized dividend and a dividend yield of 4.20%. Donegal Group’s payout ratio is currently 63.37%.
Separately, Zacks Investment Research upgraded Donegal Group from a “hold” rating to a “strong-buy” rating and set a $18.00 target price for the company in a report on Thursday, April 15th.
About Donegal Group
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, and Commercial Lines of Insurance.
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