Donegal Group (NASDAQ:DGICA) Hits New 52-Week High Following Insider Buying Activity

Donegal Group Inc. (NASDAQ:DGICA) reached a new 52-week high on Friday after an insider bought additional shares in the company. The company traded as high as $16.00 and last traded at $15.97, with a volume of 27303 shares traded. The stock had previously closed at $15.84.

Specifically, major shareholder Mutual Insurance Co Donegal bought 8,100 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $15.93 per share, for a total transaction of $129,033.00. Following the completion of the transaction, the insider now owns 12,577,768 shares of the company’s stock, valued at $200,363,844.24. This trade represents a 0.06 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Mutual Insurance Co Donegal purchased 8,170 shares of Donegal Group stock in a transaction dated Monday, November 11th. The shares were purchased at an average price of $15.95 per share, for a total transaction of $130,311.50. Following the completion of the acquisition, the insider now owns 12,561,268 shares of the company’s stock, valued at approximately $200,352,224.60. The trade was a 0.07 % increase in their position. The disclosure for this purchase can be found here. In other news, major shareholder Mutual Insurance Co Donegal acquired 8,500 shares of the stock in a transaction dated Thursday, November 7th. The stock was bought at an average price of $15.74 per share, with a total value of $133,790.00. Following the completion of the purchase, the insider now directly owns 12,544,998 shares of the company’s stock, valued at $197,458,268.52. This represents a 0.07 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

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

Donegal Group Stock Up 0.8 %

The firm has a market capitalization of $534.34 million, a price-to-earnings ratio of 21.01 and a beta of -0.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.38 and a quick ratio of 0.38. The stock has a fifty day moving average of $15.02 and a two-hundred day moving average of $14.13.

Donegal Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be paid a $0.172 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.69 annualized dividend and a dividend yield of 4.31%. Donegal Group’s payout ratio is 90.79%.

Hedge Funds Weigh In On Donegal Group

A number of hedge funds have recently made changes to their positions in DGICA. Martingale Asset Management L P grew its stake in Donegal Group by 4.2% during the third quarter. Martingale Asset Management L P now owns 22,353 shares of the insurance provider’s stock worth $329,000 after purchasing an additional 902 shares during the period. Innealta Capital LLC acquired a new position in shares of Donegal Group during the 2nd quarter valued at $27,000. Hsbc Holdings PLC boosted its stake in Donegal Group by 7.8% during the second 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 in the last quarter. Foundry Partners LLC grew its holdings in Donegal Group by 1.0% in the third quarter. Foundry Partners LLC now owns 244,600 shares of the insurance provider’s stock worth $3,605,000 after purchasing an additional 2,310 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Donegal Group by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 129,551 shares of the insurance provider’s stock valued at $1,669,000 after purchasing an additional 5,416 shares in the last quarter. 27.96% of the stock is currently owned by institutional investors.

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.