# Donegal Group Inc. (DGICA)

> Source: Nexqual · https://nexqual.com/DGICA · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Donegal Group Inc. (DGICA), nexqual.com/DGICA" · informational, not investment advice.

**Price:** USD 18.63 (-1.11% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 18.84 · day 18.49–18.86 · 52w 16.11–21.06 · market cap $692M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $963M, net income $71.1M (7.4% margin) (SEC filings).
- Valuation: P/E 9.7x.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $2.4M; 9 not under a Rule 10b5-1 plan ($2.4M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 23 Form 4 filings, $8.2M; 0 by opportunistic insiders, 23 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 21 (range 20–22).
- Total return with dividends: 1Y +4.4% vs S&P 500 +13.6%; 5Y +61.6% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 0.43, revenue estimate $236M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $816M | $848M | $927M | $990M | $978M | $963M |
| Net income | $25.3M | -$2.0M | $4.4M | $50.9M | $79.3M | $71.1M |
| Net margin | 3.1% | -0.2% | 0.5% | 5.1% | 8.1% | 7.4% |
| Revenue growth | +5.0% | +3.9% | +9.3% | +6.7% | -1.2% | — |
| Cash + short-term investments | — | — | $23.8M | $52.9M | $26.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.7x · P/S 0.7x · P/B 1.0x · Earnings yield 10.28% · Dividend yield (paid, TTM) 3.88%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Miller Jeffrey Dean | EVP & Chief Financial Officer | 21,000 | $404K | 23.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-11 | Burke Kevin Gerard | President & Chief Exec Officer | 24,000 | $461K | 58.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-09 | Bawel David Benjamin | SVP & CHIEF ACCOUNTING OFFICER | 8,326 | $161K | 23.1% | No | Too little history (no open-market trades in 2023) |
| 2026-09-03 | Huber Barry Craig | Director | 4,500 | $87K | 21.4% | No | Too little history (no open-market trades in 2023) |
| 2026-09-03 | Viozzi Vincent Anthony | Sr. VP & Chief Inv Officer | 2,282 | $44K | 20.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-06 | Hoffman Christina Marie | Sr. VP & Chief Risk Officer | 18,000 | $354K | 79.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Bixenman Dennis Joseph | Director | 11,250 | $217K | 54.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-04 | King David Charles | Director | 9,000 | $174K | 70.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04 | Deas Noland Rone Jr | Senior Vice President | 24,000 | $467K | 87.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
23 purchases, $8.2M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Donegal Mutual Insurance Co |  | 54,725 | $1.1M | 19.23 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-09-09…2026-09-10 | Donegal Mutual Insurance Co |  | 23,469 | $449K | 19.13 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-09-04…2026-09-08 | Donegal Mutual Insurance Co |  | 16,368 | $315K | 19.24 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-09-02…2026-09-03 | Donegal Mutual Insurance Co |  | 19,595 | $382K | 19.48 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-31…2026-09-01 | Donegal Mutual Insurance Co |  | 19,257 | $369K | 19.17 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-27…2026-08-28 | Donegal Mutual Insurance Co |  | 20,000 | $381K | 19.07 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-25…2026-08-26 | Donegal Mutual Insurance Co |  | 19,508 | $372K | 19.05 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-21…2026-08-24 | Donegal Mutual Insurance Co |  | 20,000 | $377K | 18.87 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-19…2026-08-20 | Donegal Mutual Insurance Co |  | 19,515 | $364K | 18.63 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-17…2026-08-18 | Donegal Mutual Insurance Co |  | 20,000 | $371K | 18.56 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-08-06 | Donegal Mutual Insurance Co |  | 18,000 | $354K | 19.67 | Routine (bought in Aug & Sep each year 2023–2025) |
| 2026-06-11…2026-06-12 | Donegal Mutual Insurance Co |  | 19,582 | $344K | 17.59 | Routine (bought in Aug & Sep each year 2023–2025; this trade is outside those months) |
| 2026-06-02…2026-06-03 | Donegal Mutual Insurance Co |  | 18,500 | $311K | 16.81 | Routine (bought in Aug & Sep each year 2023–2025; this trade is outside those months) |
| 2026-05-29…2026-06-01 | Donegal Mutual Insurance Co |  | 17,000 | $288K | 16.93 | Routine (bought in Aug & Sep each year 2023–2025; this trade is outside those months) |
| 2026-05-28 | Donegal Mutual Insurance Co |  | 8,500 | $144K | 16.98 | Routine (bought in Aug & Sep each year 2023–2025; this trade is outside those months) |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 21 (low 20, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Market Perform | $18 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +4.4% | +61.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +4.4% | +10.1% |
| Volatility (annualized) | 22.6% | 21.7% |
| Max drawdown | -20.4% (Dec 2025→May 2026) | -22.3% (Jun 2022→Oct 2022) |

## Peers (Insurance - Property & Casualty)
HMN (Horace Mann Educators Corporati) USD 45.8 -1.02% · PRCH (Porch Group, Inc.) USD 16.3 -7.70% · HCI (HCI Group, Inc.) USD 195.24 -2.36% · SKWD (Skyward Specialty Insurance Gro) USD 57.96 -1.08% · SLDE (Slide Insurance Holdings, Inc.) USD 27.19 -4.23% · LMND (Lemonade, Inc.) USD 45.36 -1.20%

## More
Full page: https://nexqual.com/DGICA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DGICA's own 10-K filed 2026-03-06 (https://www.sec.gov/Archives/edgar/data/800457/000114036126008268/ef20060826_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | SAP (SAP) | "The SAP financial measures we utilize are net premiums written and" |

## Company outlook (8-K filed 2026-10-29)

- "Burke, President and Chief Executive Officer of Donegal Group Inc., stated, "As expected, we continued to experience soft market conditions throughout our operating regions in the third quarter of 2026."
- "For the third quarter of 2026, we attribute the net favorable development primarily to lower-than-expected emergence that our insurance subsidiaries experienced for the workers' compensation and commercial automobile lines of business."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.45 | -3.4% | $236.4M | 2 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.51 | +5.0% | $236.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.80 | $1.70 | +5.9% | $949.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.88 | $1.88 | +0.0% | $947.2M | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.53 | $0.43 | Beat +23.3% | — |
| — | Quarter ended Mar 31, 2026 | $0.32 | $0.40 | Miss −20.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.50 | $0.53 | Miss −5.7% | — |
| — | Quarter ended Sep 30, 2025 | $0.52 | $0.51 | Beat +2.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/800457/000117184326006950/0001171843-26-006950-index.htm |
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/800457/000201238326003892/0002012383-26-003892-index.htm |
| 2026-10-15 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/800457/000117184326006663/0001171843-26-006663-index.htm |
| 2026-10-06 | 8-K | Other material event — “On October 6, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/800457/000117184326006458/0001171843-26-006458-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/800457/000114036126031159/0001140361-26-031159-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/800457/000117184326005048/0001171843-26-005048-index.htm |
| 2026-07-28 | Schedule 13G | BlackRock, Inc.: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/800457/000201238326002554/0002012383-26-002554-index.htm |
| 2026-07-16 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/800457/000117184326004728/0001171843-26-004728-index.htm |
| 2026-07-07 | 8-K | Other material event — “On July 7, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/800457/000117184326004511/0001171843-26-004511-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.