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

Donegal Group Inc. (NASDAQ:DGICA)’s share price hit a new 52-week high during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $16.00 and last traded at $15.99, with a volume of 40045 shares. The stock had previously closed at $15.90.

Specifically, major shareholder Mutual Insurance Co Donegal bought 37,748 shares of the stock in a transaction dated Tuesday, November 19th. The shares were bought at an average price of $15.81 per share, for a total transaction of $596,795.88. Following the completion of the purchase, the insider now owns 12,679,138 shares in the company, valued at approximately $200,457,171.78. This trade represents a 0.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

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

Donegal Group Trading Up 0.3 %

The firm has a 50 day moving average of $15.11 and a 200-day moving average of $14.23. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $541.72 million, a P/E ratio of 21.03 and a beta of -0.06.

Donegal Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were paid a dividend of $0.172 per share. The ex-dividend date was Friday, November 1st. This represents a $0.69 dividend on an annualized basis and a yield of 4.31%. Donegal Group’s payout ratio is 90.79%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Donegal Group by 34.7% in the 1st quarter. Vanguard Group Inc. now owns 1,183,005 shares of the insurance provider’s stock valued at $16,728,000 after purchasing an additional 304,477 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Donegal Group by 82.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 105,257 shares of the insurance provider’s stock worth $1,551,000 after buying an additional 47,447 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Donegal Group in the 2nd quarter valued at $448,000. Los Angeles Capital Management LLC boosted its holdings in shares of Donegal Group by 95.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 40,407 shares of the insurance provider’s stock valued at $520,000 after acquiring an additional 19,707 shares in the last quarter. Finally, Barclays PLC grew its position in Donegal Group by 38.7% during the 3rd quarter. Barclays PLC now owns 64,952 shares of the insurance provider’s stock worth $957,000 after acquiring an additional 18,132 shares during the last quarter. 27.96% of the stock is owned by institutional investors.

About Donegal Group

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.