Donegal Group Inc. (NASDAQ:DGICA) announced a quarterly dividend on Friday, October 19th, Wall Street Journal reports. Investors of record on Thursday, November 1st will be given a dividend of 0.1425 per share by the insurance provider on Thursday, November 15th. This represents a $0.57 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Wednesday, October 31st.
Donegal Group has raised its dividend by an average of 12.6% annually over the last three years and has increased its dividend every year for the last 2 years. Donegal Group has a dividend payout ratio of -380.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Donegal Group to earn $1.05 per share next year, which means the company should continue to be able to cover its $0.57 annual dividend with an expected future payout ratio of 54.3%.
Shares of DGICA stock opened at $13.62 on Friday. The company has a market capitalization of $385.89 million, a PE ratio of 45.40 and a beta of 0.46. Donegal Group has a fifty-two week low of $13.20 and a fifty-two week high of $18.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.43 and a current ratio of 0.43.
In related news, Director Patricia A. Gilmartin sold 8,229 shares of Donegal Group stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $14.65, for a total transaction of $120,554.85. Following the sale, the director now directly owns 500 shares in the company, valued at $7,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 13.13% of the company’s stock.
Several analysts recently weighed in on DGICA shares. Zacks Investment Research upgraded shares of Donegal Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 18th. BidaskClub lowered shares of Donegal Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 19th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Donegal Group in a research note on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Donegal Group presently has an average rating of “Hold” and a consensus target price of $19.00.
About Donegal Group
Donegal Group Inc, an insurance holding company, provides 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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