Donegal Group (NASDAQ:DGICB) Shares Up 4.7% – Here’s What Happened

Donegal Group, Inc. (NASDAQ:DGICB)’s stock price shot up 4.7% during mid-day trading on Wednesday. The stock traded as high as $18.47 and last traded at $19.4450. Approximately 226 shares changed hands during trading, a decline of 95% from the average daily volume of 4,731 shares. The stock had previously closed at $18.58.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Donegal Group in a report on Monday. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Donegal Group currently has an average rating of “Hold”.

Donegal Group Trading Down 10.3%

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.39 and a quick ratio of 0.39. The stock has a 50-day moving average price of $22.97 and a two-hundred day moving average price of $20.58. The stock has a market cap of $646.26 million, a PE ratio of 9.78 and a beta of 0.04.

Donegal Group (NASDAQ:DGICB) last announced its quarterly earnings results on Thursday, July 30th. The insurance provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. Donegal Group had a return on equity of 10.65% and a net margin of 7.38%.The company had revenue of $232.25 million during the quarter, compared to analyst estimates of $231.53 million.

Donegal Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $0.1750 dividend. This represents a $0.70 annualized dividend and a yield of 4.0%. The ex-dividend date was Friday, July 31st. Donegal Group’s payout ratio is currently 39.33%.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Donegal Group stock. Lewis Asset Management LLC bought a new stake in Donegal Group, Inc. (NASDAQ:DGICB) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,469 shares of the insurance provider’s stock, valued at approximately $203,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

About Donegal Group

Donegal Group Inc is an insurance holding company that provides property and casualty insurance through a network of regional insurance subsidiaries. The company distributes its products primarily through independent insurance agents and serves individuals, families, farms, and businesses.

Its offerings include personal automobile, homeowners, dwelling fire, farmowners, and other personal insurance products, as well as commercial automobile, commercial property, businessowners, workers’ compensation, and other commercial coverage.