In recent transactions reported to the Securities and Exchange Commission, William Daniel Delamater, Executive Vice President and Chief Operating Officer of Donegal Group Inc. (NASDAQ:DGICA), sold shares of the company amounting to a total of $167,709. These sales occurred over two days, with the shares being sold at prices ranging from $16.7702 to $16.79 per share. The transactions took place near the stock's 52-week high of $17.00, with InvestingPro data showing the company currently trades at a P/E ratio of 19.3 and has maintained dividend payments for 24 consecutive years.
On December 2, Delamater sold 9,616 shares of Class A common stock, while on December 3, an additional 384 shares were sold. These transactions followed the exercise of stock options, where Delamater acquired a total of 10,000 shares at an exercise price of $15.80 each. After these transactions, Delamater holds 1,379 shares of Donegal Group's Class A common stock directly. According to InvestingPro, the company, with a market capitalization of $551 million, shows interesting characteristics with its negative beta of -0.05, indicating movement often contrary to broader market trends. Discover 10+ additional exclusive insights available on InvestingPro.
In other recent news, Donegal Group has reported a net income of $16.8 million, or $0.51 per Class A share, despite facing $6 million in pre-tax catastrophe losses due to Hurricane Helene. The company's net premiums earned rose to $238 million, showing a 6% increase. Donegal Group's combined ratio also showed a significant improvement, standing at 96.4%.
These recent developments are a result of Donegal Group's strategic focus on small business growth, software enhancements, and geographic diversification. The company also completed strategic exits from commercial policies in Georgia and Alabama. Donegal Group is planning software enhancements to improve policy management in January 2025.
The company's commercial and personal lines both showed growth in net premiums written, with increases of 6.4% and 5.4% respectively. Donegal Group is aligning strategies for growth across regions with a cohesive business plan for 2025, which includes securing rate increases to mitigate inflation and claims costs and focusing on disciplined expense reduction.
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