Donegal Group Inc. (NASDAQ:DGICA) Short Interest Update

Donegal Group Inc. (NASDAQ:DGICAGet Rating) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 137,500 shares, a growth of 25.3% from the April 30th total of 109,700 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 63,800 shares, the days-to-cover ratio is presently 2.2 days.

Separately, StockNews.com upgraded shares of Donegal Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 28th.

Shares of DGICA opened at $16.18 on Wednesday. Donegal Group has a 52 week low of $13.09 and a 52 week high of $16.22. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $508.38 million, a price-to-earnings ratio of 17.78 and a beta of 0.06. The stock’s 50-day moving average price is $14.20 and its 200-day moving average price is $14.12.

Donegal Group (NASDAQ:DGICAGet Rating) last released its quarterly earnings results on Thursday, April 28th. The insurance provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.15. The company had revenue of $207.60 million during the quarter, compared to analysts’ expectations of $211.20 million. Donegal Group had a return on equity of 4.62% and a net margin of 3.37%. As a group, equities analysts anticipate that Donegal Group will post 0.9 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 16th. Shareholders of record on Monday, May 2nd were issued a dividend of $0.165 per share. The ex-dividend date was Friday, April 29th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 4.08%. This is a boost from Donegal Group’s previous quarterly dividend of $0.16. Donegal Group’s dividend payout ratio is presently 72.53%.

In related news, major shareholder Mutual Insurance Co Donegal acquired 3,637 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was purchased at an average cost of $15.84 per share, for a total transaction of $57,610.08. Following the purchase, the insider now directly owns 10,713,908 shares of the company’s stock, valued at approximately $169,708,302.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Vincent Anthony Viozzi sold 10,000 shares of Donegal Group stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $15.57, for a total value of $155,700.00. Following the completion of the transaction, the vice president now owns 6,568 shares in the company, valued at approximately $102,263.76. The disclosure for this sale can be found here. Insiders have bought a total of 139,372 shares of company stock worth $2,049,643 in the last three months. Corporate insiders own 10.03% of the company’s stock.

Several institutional investors have recently made changes to their positions in the business. Keeley Teton Advisors LLC raised its holdings in shares of Donegal Group by 689.4% during the first quarter. Keeley Teton Advisors LLC now owns 88,832 shares of the insurance provider’s stock valued at $1,191,000 after acquiring an additional 77,579 shares during the last quarter. State Street Corp raised its holdings in shares of Donegal Group by 7.2% during the first quarter. State Street Corp now owns 256,360 shares of the insurance provider’s stock valued at $3,438,000 after acquiring an additional 17,264 shares during the last quarter. Engineers Gate Manager LP raised its holdings in shares of Donegal Group by 18.0% during the first quarter. Engineers Gate Manager LP now owns 14,231 shares of the insurance provider’s stock valued at $191,000 after acquiring an additional 2,175 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Donegal Group by 16.9% during the first quarter. Renaissance Technologies LLC now owns 558,611 shares of the insurance provider’s stock valued at $7,491,000 after acquiring an additional 80,800 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Donegal Group by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 39,204 shares of the insurance provider’s stock valued at $526,000 after purchasing an additional 2,213 shares during the last quarter. 30.02% of the stock is owned by institutional investors and hedge funds.

About Donegal Group (Get Rating)

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of 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.

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