Short Interest in Donegal Group Inc. (NASDAQ:DGICA) Drops By 18.7%

Donegal Group Inc. (NASDAQ:DGICA) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 50,500 shares, a decline of 18.7% from the June 30th total of 62,100 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average trading volume of 23,100 shares, the days-to-cover ratio is presently 2.2 days.

Large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its stake in shares of Donegal Group by 36.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,812 shares of the insurance provider’s stock valued at $58,000 after buying an additional 1,012 shares in the last quarter. Atwater Malick LLC grew its stake in shares of Donegal Group by 7.1% in the 2nd quarter. Atwater Malick LLC now owns 16,064 shares of the insurance provider’s stock valued at $245,000 after buying an additional 1,064 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Donegal Group by 1.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 111,366 shares of the insurance provider’s stock valued at $1,498,000 after buying an additional 1,153 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Donegal Group by 110.1% in the 4th quarter. Legal & General Group Plc now owns 2,464 shares of the insurance provider’s stock valued at $34,000 after buying an additional 1,291 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Donegal Group by 434.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,987 shares of the insurance provider’s stock valued at $27,000 after buying an additional 1,615 shares in the last quarter. 30.33% of the stock is currently owned by institutional investors.

Several equities analysts have recently issued reports on DGICA shares. BidaskClub raised shares of Donegal Group from a “strong sell” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research raised shares of Donegal Group from a “strong sell” rating to a “hold” rating and set a $16.00 price target for the company in a report on Tuesday, April 30th. TheStreet raised shares of Donegal Group from a “c+” rating to a “b-” rating in a report on Friday, May 24th. Boenning Scattergood restated a “hold” rating on shares of Donegal Group in a research note on Tuesday, July 30th. Finally, ValuEngine cut shares of Donegal Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $16.00.

DGICA traded up $0.13 during trading on Thursday, reaching $14.92. The company had a trading volume of 19,424 shares, compared to its average volume of 20,308. The firm’s 50-day simple moving average is $14.66 and its 200 day simple moving average is $13.99. The company has a market cap of $415.84 million, a price-to-earnings ratio of -14.92 and a beta of 0.29. Donegal Group has a 12-month low of $12.42 and a 12-month high of $15.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.45 and a current ratio of 0.45.

Donegal Group (NASDAQ:DGICA) last issued its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.08. The firm had revenue of $197.22 million for the quarter, compared to analysts’ expectations of $196.30 million. Donegal Group had a return on equity of 0.40% and a net margin of 1.75%. On average, sell-side analysts expect that Donegal Group will post 0.8 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.145 per share. The ex-dividend date is Wednesday, July 31st. This represents a $0.58 annualized dividend and a yield of 3.89%. Donegal Group’s dividend payout ratio (DPR) is presently -58.00%.

About Donegal Group

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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