BlackRock Inc. decreased its stake in shares of Donegal Group Inc. (NASDAQ:DGICA) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 821,285 shares of the insurance provider’s stock after selling 9,060 shares during the quarter. BlackRock Inc. owned about 2.91% of Donegal Group worth $11,178,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of DGICA. OLD Republic International Corp increased its stake in shares of Donegal Group by 29.1% in the second quarter. OLD Republic International Corp now owns 616,100 shares of the insurance provider’s stock worth $8,385,000 after acquiring an additional 139,000 shares during the period. TCW Group Inc. increased its stake in shares of Donegal Group by 9.6% in the second quarter. TCW Group Inc. now owns 180,998 shares of the insurance provider’s stock worth $2,463,000 after acquiring an additional 15,881 shares during the period. Deprince Race & Zollo Inc. increased its stake in shares of Donegal Group by 1.4% in the second quarter. Deprince Race & Zollo Inc. now owns 290,172 shares of the insurance provider’s stock worth $3,949,000 after acquiring an additional 4,112 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Donegal Group by 104.8% in the first quarter. Allianz Asset Management GmbH now owns 150,687 shares of the insurance provider’s stock worth $2,381,000 after acquiring an additional 77,097 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Donegal Group by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,743,028 shares of the insurance provider’s stock worth $27,540,000 after acquiring an additional 39,671 shares during the period. Institutional investors and hedge funds own 31.26% of the company’s stock.
In related news, Director Patricia A. Gilmartin sold 8,229 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $14.65, for a total transaction of $120,554.85. Following the sale, the director now directly owns 500 shares of the company’s stock, valued at $7,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.13% of the company’s stock.
A number of analysts have recently weighed in on DGICA shares. BidaskClub upgraded shares of Donegal Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Boenning Scattergood reiterated a “hold” rating on shares of Donegal Group in a research note on Tuesday, July 31st. Zacks Investment Research upgraded shares of Donegal Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 18th. Finally, ValuEngine upgraded shares of Donegal Group from a “hold” rating to a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $18.00.
NASDAQ:DGICA opened at $13.60 on Friday. The firm has a market capitalization of $379.95 million, a PE ratio of 45.33 and a beta of 0.46. Donegal Group Inc. has a 1-year low of $13.02 and a 1-year high of $18.25. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.15.
Donegal Group (NASDAQ:DGICA) last announced its quarterly earnings results on Tuesday, October 30th. The insurance provider reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.14). Donegal Group had a negative return on equity of 4.16% and a negative net margin of 2.65%. The firm had revenue of $196.44 million for the quarter, compared to analysts’ expectations of $195.80 million. Research analysts predict that Donegal Group Inc. will post -0.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be issued a dividend of $0.1425 per share. This represents a $0.57 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Wednesday, October 31st. Donegal Group’s dividend payout ratio (DPR) is presently 190.00%.
About Donegal Group
Donegal Group Inc, an insurance holding company, provides 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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