Bank of New York Mellon Corp increased its stake in Donegal Group Inc. (NASDAQ:DGICA) by 6.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 120,991 shares of the insurance provider’s stock after buying an additional 7,800 shares during the quarter. Bank of New York Mellon Corp owned about 0.42% of Donegal Group worth $1,721,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Globeflex Capital L P bought a new stake in shares of Donegal Group in the 2nd quarter worth approximately $659,000. California Public Employees Retirement System raised its stake in Donegal Group by 54.4% during the 2nd quarter. California Public Employees Retirement System now owns 24,111 shares of the insurance provider’s stock valued at $343,000 after acquiring an additional 8,500 shares in the last quarter. Bessemer Group Inc. raised its stake in Donegal Group by 34.6% during the 2nd quarter. Bessemer Group Inc. now owns 39,300 shares of the insurance provider’s stock valued at $559,000 after acquiring an additional 10,100 shares in the last quarter. Swiss National Bank raised its stake in Donegal Group by 19.8% during the 2nd quarter. Swiss National Bank now owns 29,000 shares of the insurance provider’s stock valued at $412,000 after acquiring an additional 4,800 shares in the last quarter. Finally, WINTON GROUP Ltd raised its stake in Donegal Group by 312.2% during the 2nd quarter. WINTON GROUP Ltd now owns 69,628 shares of the insurance provider’s stock valued at $990,000 after acquiring an additional 52,736 shares in the last quarter. Institutional investors and hedge funds own 32.46% of the company’s stock.
In related news, VP William Albert Folmar sold 8,514 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $14.94, for a total transaction of $127,199.16. Following the transaction, the vice president now directly owns 9,263 shares in the company, valued at $138,389.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jack Lee Hess purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were purchased at an average price of $14.35 per share, for a total transaction of $28,700.00. Following the completion of the purchase, the director now directly owns 48,796 shares of the company’s stock, valued at $700,222.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 285,667 shares of company stock worth $4,229,788 and have sold 161,121 shares worth $2,387,638. Insiders own 9.30% of the company’s stock.
Several analysts have weighed in on DGICA shares. ValuEngine raised Donegal Group from a “strong sell” rating to a “sell” rating in a research note on Monday, August 3rd. Zacks Investment Research upgraded Donegal Group from a “hold” rating to a “strong-buy” rating and set a $16.00 target price on the stock in a report on Wednesday, August 5th. Finally, BidaskClub cut Donegal Group from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Two equities research analysts have rated the stock with a sell rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $16.50.
NASDAQ DGICA opened at $14.11 on Tuesday. Donegal Group Inc. has a twelve month low of $11.22 and a twelve month high of $16.19. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.46 and a current ratio of 0.46. The stock has a market capitalization of $410.76 million, a PE ratio of 8.82 and a beta of 0.05. The stock has a 50-day simple moving average of $14.54 and a 200 day simple moving average of $14.15.
Donegal Group (NASDAQ:DGICA) last posted its quarterly earnings data on Monday, July 27th. The insurance provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.35. Donegal Group had a return on equity of 10.35% and a net margin of 5.84%. The business had revenue of $192.41 million during the quarter, compared to analysts’ expectations of $195.70 million. As a group, equities research analysts forecast that Donegal Group Inc. will post 1.6 EPS for the current fiscal year.
Donegal Group Profile
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, Commercial Lines of Insurance, and Investment in DFSC.
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