Keefe, Bruyette & Woods Upgrades Donegal Group, Inc. (DGICA) to Outperform

Keefe, Bruyette & Woods upgraded shares of Donegal Group, Inc. (NASDAQ:DGICA) from a market perform rating to an outperform rating in a research note published on Wednesday morning, Marketbeat reports. Keefe, Bruyette & Woods currently has $20.00 target price on the insurance provider’s stock.

DGICA has been the subject of a number of other reports. TheStreet upgraded shares of Donegal Group from a c+ rating to a b- rating in a research report on Friday, October 20th. Zacks Investment Research upgraded shares of Donegal Group from a strong sell rating to a hold rating in a research report on Tuesday, September 19th. BidaskClub downgraded shares of Donegal Group from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. Finally, Boenning Scattergood reiterated a hold rating on shares of Donegal Group in a research report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $19.67.

Donegal Group (NASDAQ DGICA) remained flat at $$17.29 during midday trading on Wednesday. 108,226 shares of the company traded hands, compared to its average volume of 23,706. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.44 and a quick ratio of 0.44. Donegal Group has a 1-year low of $14.49 and a 1-year high of $18.55. The company has a market capitalization of $472.38, a price-to-earnings ratio of 37.59 and a beta of 0.28.

Donegal Group (NASDAQ:DGICA) last released its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Donegal Group had a net margin of 2.13% and a return on equity of 2.82%. The company had revenue of $185.72 million during the quarter, compared to the consensus estimate of $187.60 million. research analysts predict that Donegal Group will post 0.65 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.24%. Donegal Group’s payout ratio is 98.25%.

In other news, Director Jack Lee Hess acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were acquired at an average cost of $16.78 per share, with a total value of $33,560.00. Following the completion of the purchase, the director now directly owns 4,489 shares of the company’s stock, valued at approximately $75,325.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.90% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in Donegal Group by 45.8% in the second quarter. Russell Investments Group Ltd. now owns 7,636 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 2,400 shares during the last quarter. Rhumbline Advisers increased its stake in Donegal Group by 0.4% in the second quarter. Rhumbline Advisers now owns 11,052 shares of the insurance provider’s stock valued at $176,000 after acquiring an additional 40 shares during the last quarter. Hancock Holding Co. increased its stake in Donegal Group by 4.4% in the second quarter. Hancock Holding Co. now owns 11,470 shares of the insurance provider’s stock valued at $182,000 after acquiring an additional 480 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Donegal Group by 78.7% in the second quarter. The Manufacturers Life Insurance Company now owns 11,817 shares of the insurance provider’s stock valued at $189,000 after acquiring an additional 5,203 shares during the last quarter. Finally, Swiss National Bank increased its stake in Donegal Group by 15.6% in the first quarter. Swiss National Bank now owns 15,600 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 2,100 shares during the last quarter. 29.48% of the stock is currently owned by institutional investors and hedge funds.

About Donegal Group

Donegal Group Inc (DGI) is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance. The Company offered its insurance business to various businesses and individuals in 21 Mid-Atlantic, Midwestern, New England and Southern states, as of December 31, 2016.

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