Renaissance Technologies LLC Cuts Stake in Donegal Group Inc. (NASDAQ:DGICA)

Renaissance Technologies LLC cut its position in Donegal Group Inc. (NASDAQ:DGICA) by 1.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 340,911 shares of the insurance provider’s stock after selling 5,300 shares during the period. Renaissance Technologies LLC’s holdings in Donegal Group were worth $4,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in DGICA. Innealta Capital LLC purchased a new position in Donegal Group in the 2nd quarter worth approximately $27,000. Bank of New York Mellon Corp lifted its position in Donegal Group by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 129,551 shares of the insurance provider’s stock worth $1,669,000 after buying an additional 5,416 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Donegal Group by 125.0% during the first quarter. BNP Paribas Financial Markets now owns 10,364 shares of the insurance provider’s stock worth $147,000 after buying an additional 5,757 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Donegal Group by 8.2% during the 1st quarter. Empowered Funds LLC now owns 111,216 shares of the insurance provider’s stock valued at $1,573,000 after acquiring an additional 8,400 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Donegal Group during the first quarter worth about $137,000. 27.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Donegal Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 19th.

Insider Transactions at Donegal Group

In other news, major shareholder Mutual Insurance Co Donegal acquired 8,951 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $13.50 per share, with a total value of $120,838.50. Following the transaction, the insider now owns 12,123,065 shares in the company, valued at approximately $163,661,377.50. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Mutual Insurance Co Donegal bought 8,951 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $13.50 per share, with a total value of $120,838.50. Following the transaction, the insider now directly owns 12,123,065 shares of the company’s stock, valued at approximately $163,661,377.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Vincent Anthony Viozzi sold 30,000 shares of Donegal Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $15.24, for a total value of $457,200.00. Following the sale, the vice president now owns 9,891 shares in the company, valued at approximately $150,738.84. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 139,437 shares of company stock valued at $2,062,143. 6.63% of the stock is currently owned by corporate insiders.

Donegal Group Stock Performance

NASDAQ DGICA opened at $14.68 on Friday. The stock has a fifty day simple moving average of $14.71 and a 200-day simple moving average of $13.82. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.07. The stock has a market cap of $490.21 million, a PE ratio of 91.75 and a beta of -0.05. Donegal Group Inc. has a twelve month low of $12.26 and a twelve month high of $15.45.

Donegal Group (NASDAQ:DGICA) last announced its earnings results on Thursday, July 25th. The insurance provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.04. The company had revenue of $246.77 million during the quarter, compared to analyst estimates of $243.00 million. Donegal Group had a net margin of 0.76% and a return on equity of 0.89%. Equities analysts anticipate that Donegal Group Inc. will post 0.45 earnings per share for the current year.

Donegal Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a $0.172 dividend. The ex-dividend date was Thursday, August 1st. This represents a $0.69 annualized dividend and a dividend yield of 4.69%. Donegal Group’s dividend payout ratio is presently 431.25%.

Donegal Group Profile

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.