Zacks Investment Research Downgrades Donegal Group (NASDAQ:DGICA) to Hold

Donegal Group (NASDAQ:DGICA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Donegal Group Inc. is a regional property-casualty insurance holding company doing business in Mid-Atlantic and Southern states through its insurance subsidiaries: Atlantic States Insurance Company, Southern Heritage Insurance Company, Southern Insurance Company of Virginia, Delaware Atlantic Insurance Company, Pioneer Insurance Company, Ohio and Pioneer Insurance Company, New York. “

A number of other research firms have also commented on DGICA. BidaskClub upgraded shares of Donegal Group from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 1st. TheStreet lowered shares of Donegal Group from a “b-” rating to a “c” rating in a research report on Tuesday, August 27th. Boenning Scattergood restated a “hold” rating on shares of Donegal Group in a research report on Tuesday, July 30th. Finally, ValuEngine lowered shares of Donegal Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 31st. One analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $16.00.

Shares of NASDAQ:DGICA opened at $14.15 on Wednesday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $411.72 million, a PE ratio of -14.15 and a beta of 0.28. Donegal Group has a twelve month low of $12.42 and a twelve month high of $15.43. The company has a 50-day moving average price of $14.43 and a two-hundred day moving average price of $14.34.

Donegal Group (NASDAQ:DGICA) last issued its earnings results on Monday, July 29th. The insurance provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.08. The firm had revenue of $197.22 million during the quarter, compared to analyst estimates of $196.30 million. Donegal Group had a net margin of 1.75% and a return on equity of 0.39%. Analysts anticipate that Donegal Group will post 0.8 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of DGICA. BlackRock Inc. increased its stake in shares of Donegal Group by 6.6% in the second quarter. BlackRock Inc. now owns 885,331 shares of the insurance provider’s stock worth $13,518,000 after buying an additional 54,446 shares during the period. OLD Republic International Corp increased its stake in shares of Donegal Group by 7.9% in the second quarter. OLD Republic International Corp now owns 664,500 shares of the insurance provider’s stock worth $10,147,000 after buying an additional 48,400 shares during the period. Renaissance Technologies LLC increased its stake in shares of Donegal Group by 6.2% in the second quarter. Renaissance Technologies LLC now owns 530,209 shares of the insurance provider’s stock worth $8,096,000 after buying an additional 31,000 shares during the period. Panagora Asset Management Inc. purchased a new position in shares of Donegal Group in the second quarter worth $312,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Donegal Group by 12.3% in the second quarter. Janney Montgomery Scott LLC now owns 125,066 shares of the insurance provider’s stock worth $1,910,000 after buying an additional 13,700 shares during the period. 30.63% of the stock is currently owned by institutional investors.

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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