Donegal Group (NASDAQ:DGICA) Reaches New 1-Year High After Insider Buying Activity

Donegal Group Inc. (NASDAQ:DGICA) shares reached a new 52-week high during trading on Monday following insider buying activity. The company traded as high as $17.00 and last traded at $17.00, with a volume of 1509 shares changing hands. The stock had previously closed at $16.33.

Specifically, major shareholder Mutual Insurance Co Donegal purchased 7,817 shares of the stock in a transaction dated Friday, December 13th. The shares were acquired at an average price of $16.29 per share, for a total transaction of $127,338.93. Following the completion of the acquisition, the insider now owns 13,152,372 shares of the company’s stock, valued at $214,252,139.88. This represents a 0.06 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Mutual Insurance Co Donegal acquired 8,729 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were acquired at an average price of $16.37 per share, with a total value of $142,893.73. Following the completion of the transaction, the insider now directly owns 13,134,755 shares in the company, valued at approximately $215,015,939.35. This trade represents a 0.07 % increase in their position. The disclosure for this purchase can be found here. In other Donegal Group news, major shareholder Mutual Insurance Co Donegal bought 70,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were bought at an average price of $16.61 per share, for a total transaction of $1,162,700.00. Following the acquisition, the insider now directly owns 13,116,126 shares of the company’s stock, valued at approximately $217,858,852.86. This trade represents a 0.54 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Separately, StockNews.com raised Donegal Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 25th.

Donegal Group Trading Down 1.2 %

The business has a 50-day moving average of $15.71 and a two-hundred day moving average of $14.64. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $548.44 million, a price-to-earnings ratio of 21.29 and a beta of -0.03.

Donegal Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were given a $0.172 dividend. This represents a $0.69 annualized dividend and a yield of 4.25%. The ex-dividend date was Friday, November 1st. Donegal Group’s dividend payout ratio (DPR) is presently 90.79%.

Hedge Funds Weigh In On Donegal Group

A number of hedge funds have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in Donegal Group during the second quarter worth about $27,000. Martingale Asset Management L P boosted its holdings in shares of Donegal Group by 4.2% in the 3rd quarter. Martingale Asset Management L P now owns 22,353 shares of the insurance provider’s stock worth $329,000 after acquiring an additional 902 shares in the last quarter. Hsbc Holdings PLC grew its position in Donegal Group by 7.8% during the 2nd quarter. Hsbc Holdings PLC now owns 31,091 shares of the insurance provider’s stock worth $389,000 after acquiring an additional 2,250 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Donegal Group during the 2nd quarter valued at $448,000. Finally, Los Angeles Capital Management LLC raised its position in Donegal Group by 95.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 40,407 shares of the insurance provider’s stock valued at $520,000 after purchasing an additional 19,707 shares during the last quarter. 27.96% of the stock is owned by institutional investors and hedge funds.

Donegal Group Company Profile

Donegal Group Inc, an insurance holding company, provides property and casualty insurance to businesses and individuals. It operates through three segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles; and homeowners policies, which provide coverage for damage to residences and their contents from a range of perils, including fire, lightning, windstorm, and theft, as well as liability of the insured arising from injury to other persons or their property.