Donegal Group (NASDAQ:DGICB) Shares Down 12% – Here’s What Happened

Shares of Donegal Group, Inc. (NASDAQ:DGICB) were down 12% on Thursday . The company traded as low as $20.85 and last traded at $20.23. Approximately 99,678 shares were traded during trading, an increase of 2,188% from the average session volume of 4,356 shares. The stock had previously closed at $22.98.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Donegal Group in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Donegal Group Trading Down 6.0%

The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $800.47 million, a P/E ratio of 12.78 and a beta of 0.04. The firm’s 50-day moving average price is $21.01 and its 200 day moving average price is $18.50.

Donegal Group (NASDAQ:DGICB) last issued its quarterly earnings data on Thursday, April 30th. The insurance provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.15). Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. The company had revenue of $236.00 million for the quarter, compared to the consensus estimate of $247.83 million.

Donegal Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, July 31st. Donegal Group’s dividend payout ratio is currently 41.42%.

Institutional Investors Weigh In On Donegal Group

A hedge fund recently bought a new position in Donegal Group stock. Raymond James Financial Inc. bought a new stake in shares of Donegal Group, Inc. (NASDAQ:DGICB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,231 shares of the insurance provider’s stock, valued at approximately $93,000. Institutional investors and hedge funds own 1.19% of the company’s stock.

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. 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.