Donegal (DGICA)


Market Price (8/31/2026): $19.22 | Market Cap: $712.1 MilSector: Financials | Industry: Property & Casualty Insurance

Donegal (DGICA)


Market Price (8/31/2026): $19.22
Market Cap: $712.1 Mil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 8.2%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -64%

Low stock price volatility
Vol 12M is 24%

Weak multi-year price returns
3Y Excs Rtn is -23%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg QQuarterly Revenue Change % is -2.4%

Key risks
DGICA key risks include [1] a persistently high expense ratio significantly above the sector average and [2] potential volatility in its historically favorable reserve development and investment returns.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 8.2%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -64%
2 Low stock price volatility
Vol 12M is 24%
3 Weak multi-year price returns
3Y Excs Rtn is -23%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg QQuarterly Revenue Change % is -2.4%
5 Key risks
DGICA key risks include [1] a persistently high expense ratio significantly above the sector average and [2] potential volatility in its historically favorable reserve development and investment returns.

DGICA in ETFs

Weight = DGICA's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
AVUV0.03%
IWN0.03%
DFAS0.01%
VTWO0.01%
SCHA0.01%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

Donegal (DGICA) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. Robust Fiscal Q2 2026 Earnings Performance Exceeding Expectations: Donegal Group reported a substantial increase in financial performance for the second fiscal quarter ended June 30, 2026, with net income surging 32.3% year-over-year to $22.3 million. Diluted earnings per Class A share reached $0.60, significantly surpassing analyst consensus estimates of $0.42 to $0.46.

2. Improved Underwriting Profitability Driven by Reduced Catastrophe Losses: The company's combined ratio improved to 95.6% in fiscal Q2 2026, down from 97.7% in the prior-year quarter, signaling enhanced underwriting performance. This improvement was primarily due to a sharp 560-basis-point reduction in the loss ratio, as weather-related losses plummeted to $11.9 million in fiscal Q2 2026 compared to $25.8 million in fiscal Q2 2025.

Show more
Updated on 8/10/2026

Donegal (DGICA) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. Robust Fiscal Q2 2026 Earnings Performance Exceeding Expectations: Donegal Group reported a substantial increase in financial performance for the second fiscal quarter ended June 30, 2026, with net income surging 32.3% year-over-year to $22.3 million. Diluted earnings per Class A share reached $0.60, significantly surpassing analyst consensus estimates of $0.42 to $0.46.

2. Improved Underwriting Profitability Driven by Reduced Catastrophe Losses: The company's combined ratio improved to 95.6% in fiscal Q2 2026, down from 97.7% in the prior-year quarter, signaling enhanced underwriting performance. This improvement was primarily due to a sharp 560-basis-point reduction in the loss ratio, as weather-related losses plummeted to $11.9 million in fiscal Q2 2026 compared to $25.8 million in fiscal Q2 2025.

3. Significant Growth in Net Investment Income and Gains: Donegal experienced a 15.6% increase in net investment income, reaching $14.5 million in fiscal Q2 2026, supported by a 30-basis-point improvement in the average investment yield to 3.8%. Additionally, net investment gains (after tax) more than doubled to $2.6 million compared to $1.2 million in fiscal Q2 2025.

4. Consistent Book Value Per Share Growth: The company's book value per share increased by 8.2% year-over-year to $17.98 at June 30, 2026, up from $16.62 at June 30, 2025. This also represented growth from $17.54 at the end of fiscal Q1 2026, indicating a strengthening financial position.

5. Positive Analyst Sentiment and Maintained Dividend Policy: Analysts, including Keefe, Bruyette & Woods, revised their price targets for Donegal Group upwards to $20.00 from $18.00 in July 2026. The company also announced an increase in its quarterly dividend in April 2026, offering a sustainable dividend yield of 4.00% and demonstrating a commitment to shareholder returns.

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Stock Movement Drivers

Fundamental Drivers

The 16.9% change in DGICA stock from 4/30/2026 to 8/30/2026 was primarily driven by a 35.4% change in the company's P/E Multiple.
(LTM values as of)43020268302026Change
Stock Price ($)16.4719.2416.9%
Change Contribution By: 
Total Revenues ($ Mil)978963-1.6%
Net Income Margin (%)8.1%7.4%-9.0%
P/E Multiple7.410.035.4%
Shares Outstanding (Mil)3637-3.7%
Cumulative Contribution16.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/30/2026
ReturnCorrelation
DGICA16.9% 
Market (SPY)7.1%-31.1%
Sector (XLF)11.5%21.6%

Fundamental Drivers

The 6.3% change in DGICA stock from 1/31/2026 to 8/30/2026 was primarily driven by a 32.0% change in the company's P/E Multiple.
(LTM values as of)13120268302026Change
Stock Price ($)18.1019.246.3%
Change Contribution By: 
Total Revenues ($ Mil)988963-2.5%
Net Income Margin (%)8.7%7.4%-15.3%
P/E Multiple7.610.032.0%
Shares Outstanding (Mil)3637-2.4%
Cumulative Contribution6.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/30/2026
ReturnCorrelation
DGICA6.3% 
Market (SPY)11.5%-11.4%
Sector (XLF)9.3%28.8%

Fundamental Drivers

The 18.1% change in DGICA stock from 7/31/2025 to 8/30/2026 was primarily driven by a 20.9% change in the company's P/E Multiple.
(LTM values as of)73120258302026Change
Stock Price ($)16.2919.2418.1%
Change Contribution By: 
Total Revenues ($ Mil)994963-3.1%
Net Income Margin (%)7.1%7.4%4.6%
P/E Multiple8.310.020.9%
Shares Outstanding (Mil)3637-3.6%
Cumulative Contribution18.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/30/2026
ReturnCorrelation
DGICA18.1% 
Market (SPY)22.7%-1.1%
Sector (XLF)12.3%35.1%

Fundamental Drivers

The 50.7% change in DGICA stock from 7/31/2023 to 8/30/2026 was primarily driven by a 53.0% change in the company's P/S Multiple.
(LTM values as of)73120238302026Change
Stock Price ($)12.7719.2450.7%
Change Contribution By: 
Total Revenues ($ Mil)86596311.3%
P/S Multiple0.50.753.0%
Shares Outstanding (Mil)3337-11.6%
Cumulative Contribution50.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/30/2026
ReturnCorrelation
DGICA50.7% 
Market (SPY)74.0%13.4%
Sector (XLF)71.8%36.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DGICA Return6%4%3%16%35%-2%74%
Peers Return12%13%10%24%-4%8%80%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
DGICA Win Rate33%58%67%50%50%38% 
Peers Win Rate53%55%50%60%48%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
DGICA Max Drawdown-15%-22%-10%-17%-19%-17% 
Peers Max Drawdown-17%-21%-20%-16%-23%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CINF, THG, ERIE, SIGI, RLI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)

How Low Can It Go

EventDGICAS&P 500
2020 COVID-19 Crash
  % Loss-20.1%-33.7%
  % Gain to Breakeven25.2%50.9%
  Time to Breakeven4 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-12.5%-12.2%
  % Gain to Breakeven14.3%13.9%
  Time to Breakeven13 days62 days
2014-2016 Oil Price Collapse
  % Loss-15.2%-6.8%
  % Gain to Breakeven18.0%7.3%
  Time to Breakeven41 days15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.7%-15.4%
  % Gain to Breakeven26.2%18.2%
  Time to Breakeven106 days125 days
2008-2009 Global Financial Crisis
  % Loss-31.5%-53.4%
  % Gain to Breakeven45.9%114.4%
  Time to Breakeven68 days1085 days

Compare to CINF, THG, ERIE, SIGI, RLI

In The Past

Donegal's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDGICAS&P 500
2020 COVID-19 Crash
  % Loss-20.1%-33.7%
  % Gain to Breakeven25.2%50.9%
  Time to Breakeven4 days140 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.7%-15.4%
  % Gain to Breakeven26.2%18.2%
  Time to Breakeven106 days125 days
2008-2009 Global Financial Crisis
  % Loss-31.5%-53.4%
  % Gain to Breakeven45.9%114.4%
  Time to Breakeven68 days1085 days

Compare to CINF, THG, ERIE, SIGI, RLI

In The Past

Donegal's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Donegal (DGICA)

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Donegal Group Inc. (DGICA) is an insurance holding company that provides property and casualty insurance solutions to both businesses and individuals. The company operates through three core segments: an Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance, focusing on comprehensive coverage against various financial risks.

Its main products include a variety of insurance policies. For individuals, Donegal offers private passenger automobile policies that cover liability, property damage, and damage to the insured vehicle, alongside homeowners policies providing protection for residences, contents, and personal liability. For its commercial clients, the company provides commercial automobile policies, commercial multi-peril policies which combine liability and physical damage coverages, and workers' compensation policies to safeguard employees against job-related injuries.

Donegal Group Inc. primarily serves customers located in the Mid-Atlantic, Midwestern, New England, Southern, and Southwestern regions of the United States. The company effectively distributes its diverse portfolio of insurance products through an extensive network of approximately 2,300 independent insurance agencies, reaching a broad base of individuals and businesses in its target markets.

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AI Analysis | Feedback

It's like a regional **Travelers**, offering a full range of property and casualty insurance for homes, cars, and businesses through independent agencies.

AI Analysis | Feedback

  • Personal Automobile Policies: These policies provide protection against liability for bodily injury and property damage arising from automobile accidents, along with coverage for damage to the insured's own vehicle.
  • Homeowners Policies: These policies offer coverage for damage to residences and their contents from various perils, as well as liability protection for injuries to other persons or their property.
  • Commercial Automobile Policies: These policies protect businesses against liability for bodily injury and property damage from automobile accidents, and cover damage to vehicles owned by the insured business.
  • Commercial Multi-Peril Policies: These policies provide comprehensive protection to businesses by combining liability and physical damage coverages into a single plan.
  • Workers' Compensation Policies: These policies provide benefits to employees for injuries or illnesses sustained during the course of their employment.

AI Analysis | Feedback

Donegal Group Inc. (DGICA) serves a broad customer base through its diverse insurance offerings. As an insurance company, it does not typically have "major customers" in the sense of a few large companies making up a significant portion of its revenue. Instead, its customers are the numerous policyholders it serves across various categories.

Based on the company description, Donegal provides insurance to both individuals and businesses. Its major customer categories can be described as follows:

  • Individuals seeking personal automobile insurance: These customers purchase private passenger automobile policies to protect against liability for bodily injury and property damage, as well as loss from damage to their own vehicles.
  • Individuals seeking homeowners insurance: This category includes individuals who purchase policies to cover damage to their residences and contents from perils such as fire, lightning, windstorm, and theft, as well as liability arising from injury to other persons or their property.
  • Businesses seeking commercial insurance: This broad category encompasses various businesses that purchase commercial automobile policies, commercial multi-peril policies (combining liability and physical damage coverages), and workers' compensation policies for their operations and employees.

AI Analysis | Feedback

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AI Analysis | Feedback

Here is the management team of Donegal Group Inc.:

Kevin G. Burke, President and Chief Executive Officer

Kevin G. Burke has served as President and Chief Executive Officer of Donegal Group Inc. since 2015 and has held the same position for Donegal Mutual Insurance Company since 2018. Prior to this, he served as Executive Vice President and Chief Operating Officer of Donegal Group Inc. from 2014 to 2015 and of Donegal Mutual from 2014 to 2018. He also held roles as Senior Vice President of Human Resources for both Donegal Mutual and Donegal Group Inc. from 2005 to 2014, and Vice President of Human Resources for Donegal Mutual from 2001 to 2005, having joined the company in 2000. Mr. Burke also serves as Chairman of the Board of Donegal Group Inc.

Jeffrey D. Miller, Executive Vice President and Chief Financial Officer

Jeffrey D. Miller was appointed Executive Vice President and Chief Financial Officer of Donegal Mutual Insurance Company and Donegal Group Inc. in 2014. Before this, he served as Senior Vice President and Chief Financial Officer for both Donegal Mutual and Donegal Group Inc. from 2005 to 2014.

W. Daniel DeLamater, Executive Vice President & Chief Operating Officer

W. Daniel DeLamater was named Executive Vice President & Chief Operating Officer in 2024. He previously served as Senior Vice President and Head of Field Operations & National Accounts of Donegal Mutual Insurance Company and Senior Vice President of Donegal Group Inc. starting in 2022. From 2020 to 2022, he was the Senior Vice President of National Accounts for Donegal Mutual Insurance Company. Mr. DeLamater has also served as President of Southern Mutual Insurance Company, a member of the Donegal Insurance Group, since 2016, and held various positions at Southern Mutual from 2000 to 2015.

Jeffery T. Hay, Executive Vice President and Chief Underwriting Officer

Jeffery T. Hay was appointed Executive Vice President and Chief Underwriting Officer of Donegal Mutual Insurance Company and Executive Vice President of Donegal Group Inc. in 2025. He served as Senior Vice President and Chief Underwriting Officer of Donegal Mutual Insurance Company and Senior Vice President of Donegal Group Inc. from 2021 to 2024.

Kristi S. Altshuler, Senior Vice President and Chief Analytics Officer

Kristi S. Altshuler has served as Senior Vice President and Chief Analytics Officer of Donegal Mutual Insurance Company since 2019 and Senior Vice President and Chief Analytics Officer of Donegal Group Inc. since 2020.

AI Analysis | Feedback

The key risks to Donegal Group Inc. (DGICA) primarily stem from its operational efficiency, exposure to catastrophic events and social inflation, and the challenges associated with its strategy to reduce personal lines business for profitability.

  1. Operational Inefficiency and High Expense Ratio: Donegal Group Inc. faces a significant challenge with its operational inefficiency, particularly evidenced by its high expense ratio which consistently remains above the industry average. In late 2025, the company's expense ratio was around 33.5% to 34.9%, substantially higher than the sector median of 25-27%. This elevated expense ratio often leads to underwriting losses, even when the company achieves favorable loss ratios, thus hindering overall profitability and return on equity. While the company is investing in IT modernization, these efforts are projected to add to the expense ratio in the short term, with long-term efficiency improvements yet to be fully realized.
  2. Exposure to Catastrophic Events and Social Inflation: As a property and casualty insurer, Donegal Group Inc. is inherently vulnerable to significant financial losses arising from catastrophic events such as natural disasters like hurricanes, floods, and wildfires. The company's geographic concentration in certain regions further increases this vulnerability. Beyond natural events, the business is also impacted by "social inflation," which includes increasing loss severity due to higher rates of litigation, expanding covered causes of loss by courts, rising jury awards, and escalating medical and repair costs. These factors contribute to higher claim costs that can exceed reserves, directly pressuring loss ratios and overall profitability.
  3. Revenue Shrinkage from Strategic Underwriting Changes and Competition: Donegal Group Inc. has intentionally pursued a strategy of pruning its unprofitable personal lines business to improve its combined ratio and achieve greater profitability. This has resulted in a decline in net premiums earned, with the personal insurance segment experiencing a significant drop (e.g., 13.9% in Q4 2025 and 9.9% in Q1 2025). While this strategy aims to enhance margins, it leads to overall revenue shrinkage and limits growth potential, especially amidst intense competition from both regional and national insurers. The ongoing reduction in personal lines premiums constrains the company's overall growth prospects and signals uncertainty regarding its ability to deliver consistent revenue expansion.

AI Analysis | Feedback

The emergence of direct-to-consumer digital insurance platforms and Insurtech companies. These platforms leverage advanced technology, data analytics, and user-friendly online and mobile interfaces to offer insurance policies directly to consumers, often with streamlined processes for quotes, policy management, and claims. This model directly challenges Donegal's traditional reliance on independent insurance agencies for distribution and customer acquisition, potentially disrupting its market share and competitive positioning across its personal and commercial lines by offering a different customer experience, efficiency, and potentially lower-cost alternatives.

AI Analysis | Feedback

Donegal Group Inc. (DGICA) operates within the U.S. property and casualty insurance market, offering a range of personal and commercial insurance products. The addressable markets for their main products and services in the United States are as follows:
  • Private Passenger Automobile Insurance: The U.S. private passenger automobile insurance market recorded direct premiums written of approximately $359.51 billion in 2024.
  • Homeowners Insurance: The United States homeowners insurance market size was estimated at $175.60 billion in 2025 and is projected to reach $184.59 billion in 2026.
  • Commercial Automobile Insurance: The U.S. commercial auto insurance market size was valued at $79.3 billion in 2024, with direct written premiums recorded at approximately $61.6 billion in 2024. The market size was $80.1 billion in 2025.
  • Commercial Multi-Peril Insurance: The direct premiums written year-to-date for commercial multiple peril insurance in the U.S. was $16.80 billion, showing a 4% year-over-year growth.
  • Workers' Compensation Insurance: The market size of the Workers' Compensation Insurance industry in the United States is projected to be $51.2 billion in 2026. In 2024, the total direct premiums written in the workers' compensation market were approximately $57.48 billion.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Donegal (DGICA) over the next 2-3 years:

  1. Sustained Premium Rate Increases: Donegal has emphasized "rate achievement" and "aggressive renewal rate increases" across its lines of business, particularly in segments where profitability has been challenging. This strategy aims to drive premium growth and improve underwriting results.
  2. Profitable Commercial Lines Expansion: The company is strategically focused on achieving "profitable, controlled commercial lines growth" by targeting quality mid-market and small business accounts. While personal lines have seen intentional contraction for profitability, commercial lines have shown modest premium growth and are a key area for future expansion.
  3. Operational Efficiency and Enhanced Agent Engagement through Technology Modernization: Donegal has completed a multi-year systems transformation project and is rolling out new commercial lines systems, along with GenAI initiatives. These efforts are expected to "enhance operational efficiency and customer service," "unlock" productivity and growth, and improve agency engagement, ultimately facilitating new business acquisition and retention.
  4. Targeted New Business Acquisition: Despite a focus on profitability that has led to a reduction in overall new business in certain areas, Donegal's 2026 business plan includes "numerous strategies and action plans to enhance agency engagement" and leverage system enhancements to generate "higher levels of new business" in profitable segments and targeted geographies.

AI Analysis | Feedback

Capital Allocation Decisions of Donegal Group Inc. (DGICA)

Share Repurchases

  • Donegal Group Inc. primarily focuses on dividend payments rather than share repurchase programs for shareholder returns.

Share Issuance

  • Donegal Mutual Insurance Co. purchased 9,000 shares of Donegal Group Inc. Class A Common Stock on March 3, 2026, for approximately $158,652.

Inbound Investments

  • Donegal Mutual Insurance Co., an affiliate, made an investment by purchasing 9,000 shares of Donegal Group Inc. Class A Common Stock totaling approximately $158,652 on March 3, 2026.

Capital Expenditures

  • As of September 30, 2025, Donegal Group Inc. had no material commitments for capital expenditures.
  • The company is undergoing a multi-year systems modernization project.
  • Costs related to the systems modernization project, allocated by Donegal Mutual Insurance Company to Donegal Group's insurance subsidiaries, peaked at approximately 1.3 percentage points of the full-year 2024 expense ratio and are expected to gradually subside.

Peer Outperformance in Property & Casualty Insurance

DGICA has trailed 55% of its 40 Property & Casualty Insurance peers over 5Y. Among the peers that beat it is THG. Property & Casualty Insurance ranks 5th of 18 industries in Financials by median 5Y return.
Share of Property & Casualty Insurance constituents that DGICA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
48%
of 44 industry peers · 12.0% return
3Y
39%
of 41 industry peers · 50.3% return
5Y
45%
of 40 industry peers · 59.7% return
Property & Casualty Insurance peers with revenue growth within 4pp of DGICA's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
DGICA Donegal 2.8% 10.0x 12.0%50.3%59.7%
THG Hanover Insurance 5.3% 10.5x 33.9%128.9%81.1% +21pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is DGICA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 5.0%126.6%135.2% IBKR 508% · SNEX 232% · GS 181%
Reinsurance 6 21.1%83.2%123.8% SPNT 146% · RGA 135% · MTG 128%
Diversified Banks 12 36.8%128.8%113.9% JPM 153% · CM 152% · RY 138%
Life & Health Insurance 19 11.8%55.0%87.6% UNM 307% · FG 215% · MFC 178%
Property & Casualty Insurance ← 41 12.8%75.6%65.1% ASIC 2658900% · HRTG 406% · UVE 276%
Regional Banks 262 25.7%83.4%65.0% GCBC 374% · ESQ 351% · NBN 296%
Multi-line Insurance 9 13.6%78.2%58.0% GNW 166% · L 100% · SLF 89%
Multi-Sector Holdings 6 3.3%15.4%37.6% BRK-B 77% · JEF 76% · VOYA 74%
Consumer Finance 30 9.1%80.1%34.6% ENVA 606% · EZPW 379% · FCFS 172%
Insurance Brokers 15 -3.8%7.8%32.5% LIFE 601% · AJG 96% · ARX 88%
Asset Management & Custody Banks 83 -8.1%20.3%21.1% SII 348% · WT 317% · VCTR 295%
Financial Exchanges & Data 15 0.1%22.2%14.0% VIRT 222% · CBOE 162% · CME 75%
Commercial & Residential Mortgage Finance 12 -37.7%17.1%4.0% FNMA 517% · FMCC 501% · ESNT 62%
Specialized Finance 3 15.6%46.5%2.6% EFC 35% · CACC 3% · HASI -16%
Mortgage REITs 33 -8.4%9.6%-16.9% RITM 53% · NREF 52% · DX 40%
Transaction & Payment Processing Services 15 2.3%3.1%-40.7% MA 77% · V 73% · CPAY 55%
Diversified Capital Markets 21 -22.1%4.3%-47.1% BTCS 584% · OPY 184% · LPLA 157%
Diversified Financial Services 5 -3.2%53.1%-63.8% FRHC 171% · EQH 84% · TMS -64%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Mkt Price19.24171.97227.67260.4092.4664.31132.22
Mkt Cap0.726.68.012.05.55.96.9
Rev LTM96313,9546,7344,1865,4711,9744,828
Op Inc LTM-------
FCF LTM583,4001,253-1,1895171,189
FCF 3Y Avg602,763868-1,047522868
CFO LTM583,4171,264-1,2335241,233
CFO 3Y Avg602,781878-1,083528878

Growth & Margins

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Rev Chg LTM-3.1%19.6%5.4%2.7%7.0%8.7%6.2%
Rev Chg 3Y Avg2.8%14.3%5.3%7.0%12.1%1.0%6.2%
Rev Chg Q-2.4%31.6%4.3%1.7%4.5%15.2%4.4%
QoQ Delta Rev Chg LTM-0.6%7.9%1.1%0.5%1.1%4.0%1.1%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM6.1%24.5%18.8%-22.5%26.5%22.5%
CFO/Rev 3Y Avg6.1%22.9%13.5%-21.3%29.2%21.3%
FCF/Rev LTM6.1%24.4%18.6%-21.7%26.2%21.7%
FCF/Rev 3Y Avg6.1%22.7%13.4%-20.6%28.9%20.6%

Valuation

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
Mkt Cap0.726.68.012.05.55.96.9
P/S0.71.91.22.91.03.01.5
P/Op Inc-------
P/EBIT8.06.37.9-8.110.68.0
P/E10.08.010.520.811.113.510.8
P/CFO12.27.86.3-4.511.37.8
Total Yield13.7%14.6%11.1%7.0%10.8%14.7%12.4%
Dividend Yield3.8%2.0%1.7%2.2%1.8%7.2%2.1%
FCF Yield 3Y Avg9.7%11.8%13.9%-18.8%8.5%11.8%
D/E0.00.00.10.00.20.10.0
Net D/E-0.6-0.1-0.1-0.0-0.0-0.2-0.1

Returns

DGICACINFTHGERIESIGIRLIMedian
NameDonegal Cincinna.Hanover .Erie Ind.Selectiv.RLI  
1M Rtn-2.5%-3.2%-2.1%7.6%-2.0%5.0%-2.1%
3M Rtn14.5%9.8%22.9%22.9%7.3%28.5%18.7%
6M Rtn11.5%6.1%27.4%-2.2%11.1%8.0%9.5%
12M Rtn12.0%14.5%33.9%-25.0%20.6%2.9%13.2%
3Y Rtn50.3%75.0%128.9%-1.9%-1.8%11.7%31.0%
1M Excs Rtn-5.4%-5.3%-4.7%7.8%-5.6%1.3%-5.0%
3M Excs Rtn12.8%8.1%21.1%21.2%5.6%26.8%16.9%
6M Excs Rtn-0.6%-6.0%15.2%-14.3%-1.0%-4.1%-2.6%
12M Excs Rtn-4.9%-4.8%14.1%-43.2%0.4%-17.0%-4.8%
3Y Excs Rtn-22.6%3.6%59.9%-76.1%-75.7%-61.8%-42.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Commercial Lines556540533521479
Personal Lines365397349301297
Investments53504424 
Other43123
Investment gains    6
Net investment income    31
Total978990927848816


Operating Income by Segment
$ Mil2015201420042003
Net investment income2118  
Commerical Lines9-967
GAAP Adjustments36  
Realized investment gains23  
Equity in earnings of Donegal Financial Services Corporation (DFSC)11  
Other-33  
Personal Lines-6-6102
Total2816169


Net Income by Segment
$ Mil2015
Net investment income21
Total21


Price Behavior

Price Behavior
Market Price$19.24 
Market Cap ($ Bil)0.7 
First Trading Date07/03/2003 
Distance from 52W High-5.3% 
   50 Days200 Days
DMA Price$18.73$18.07
DMA Trendindeterminateup
Distance from DMA2.7%6.4%
 3M1YR
Volatility23.8%23.5%
Downside Capture-96.49-16.76
Upside Capture-24.160.11
Correlation (SPY)-37.4%-3.2%
DGICA Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.41-0.65-0.54-0.160.010.22
Up Beta0.690.160.310.150.320.29
Down Beta-0.95-1.23-1.12-0.65-0.220.09
Up Capture-12%-13%-6%0%7%9%
Bmk +ve Days11223567138427
Stock +ve Days13273872137375
Down Capture-105%-134%-126%-31%-19%39%
Bmk -ve Days11212859114326
Stock -ve Days9162553113362

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA14.2%23.5%0.50-
Sector ETF (XLF)9.4%14.5%0.3933.8%
Equity (SPY)20.1%12.8%1.16-3.4%
Gold (GLD)30.9%29.0%0.92-21.3%
Commodities (DBC)39.9%20.3%1.54-26.4%
Real Estate (VNQ)9.9%13.7%0.4429.8%
Bitcoin (BTCUSD)-30.1%43.7%-0.70-6.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA9.4%23.4%0.34-
Sector ETF (XLF)10.9%18.4%0.4536.4%
Equity (SPY)13.1%17.2%0.5919.9%
Gold (GLD)19.7%18.7%0.85-6.8%
Commodities (DBC)11.5%19.6%0.46-5.2%
Real Estate (VNQ)2.0%18.9%0.0029.2%
Bitcoin (BTCUSD)9.6%52.7%0.374.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DGICA
DGICA6.1%25.5%0.25-
Sector ETF (XLF)13.6%22.0%0.5645.2%
Equity (SPY)15.2%17.9%0.7237.9%
Gold (GLD)12.2%16.3%0.610.0%
Commodities (DBC)7.3%18.0%0.336.2%
Real Estate (VNQ)5.0%20.7%0.2039.7%
Bitcoin (BTCUSD)63.4%66.1%1.039.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 7312026-1.6%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest7.1 days
Basic Shares Quantity37.0 Mil
Short % of Basic Shares2.4%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20262.3%2.7%-0.7%
4/30/2026-4.6%-4.9%-2.6%
2/19/2026-5.6%-4.9%-9.2%
7/24/2025-6.2%-6.4%-4.4%
4/24/20255.4%4.3%8.2%
2/20/20252.7%12.0%21.3%
10/24/20248.6%6.3%10.9%
7/25/20245.6%5.0%5.4%
...
SUMMARY STATS   
# Positive131311
# Negative101012
Median Positive2.3%3.0%4.0%
Median Negative-3.0%-4.2%-3.9%
Max Positive8.6%12.0%21.3%
Max Negative-10.2%-10.6%-9.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20262.3%2.7%-0.7%
4/30/2026-4.6%-4.9%-2.6%
2/19/2026-5.6%-4.9%-9.2%
7/24/2025-6.2%-6.4%-4.4%
4/24/20255.4%4.3%8.2%
2/20/20252.7%12.0%21.3%
10/24/20248.6%6.3%10.9%
7/25/20245.6%5.0%5.4%
4/25/2024-1.1%-3.6%-5.7%
2/22/2024-0.3%-4.1%-3.5%
10/26/20231.7%0.7%2.5%
7/27/20230.3%0.1%-1.4%
4/27/20232.0%1.2%2.1%
2/23/20230.7%3.0%-3.4%
10/27/2022-2.8%-0.3%4.0%
7/28/2022-10.2%-10.6%-6.8%
4/28/20222.0%4.6%18.4%
2/17/2022-2.1%-4.2%-7.0%
10/27/2021-2.2%-0.1%-3.1%
7/27/20212.6%2.5%1.3%
4/26/2021-3.2%-3.4%-5.4%
2/23/20212.0%3.7%3.7%
10/28/20205.0%1.5%2.7%
SUMMARY STATS   
# Positive131311
# Negative101012
Median Positive2.3%3.0%4.0%
Median Negative-3.0%-4.2%-3.9%
Max Positive8.6%12.0%21.3%
Max Negative-10.2%-10.6%-9.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/03/202410-Q
12/31/202303/06/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/06/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/03/202410-Q
12/31/202303/06/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/06/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/05/202210-Q
12/31/202103/07/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/05/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/08/202010-Q
12/31/201903/06/202010-K
09/30/201911/08/201910-Q

Insider Activity

Updated 8/31/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Donegal, Mutual Insurance CO DirectBuy831202619.1910,000191,946273,594,339Form
2Donegal, Mutual Insurance CO DirectBuy831202618.9510,000189,504269,924,078Form
3Donegal, Mutual Insurance CO DirectBuy827202619.119,508181,668271,962,150Form
4Donegal, Mutual Insurance CO DirectBuy827202619.0010,000189,981270,232,888Form
5Donegal, Mutual Insurance CO DirectBuy825202619.0610,000190,647270,989,573Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Donegal, Mutual Insurance CO DirectBuy831202619.1910,000191,946273,594,339Form
2Donegal, Mutual Insurance CO DirectBuy831202618.9510,000189,504269,924,078Form
3Donegal, Mutual Insurance CO DirectBuy827202619.119,508181,668271,962,150Form
4Donegal, Mutual Insurance CO DirectBuy827202619.0010,000189,981270,232,888Form
5Donegal, Mutual Insurance CO DirectBuy825202619.0610,000190,647270,989,573Form
6Donegal, Mutual Insurance CO DirectBuy825202618.6810,000186,757265,273,490Form
7Donegal, Mutual Insurance CO DirectBuy821202618.669,815183,133264,842,593Form
8Donegal, Mutual Insurance CO DirectBuy821202618.619,700180,522263,978,609Form
9Donegal, Mutual Insurance CO DirectBuy819202618.6010,000185,955263,585,466Form
10Donegal, Mutual Insurance CO DirectBuy819202618.5210,000185,239262,385,320Form
11Hoffman, Christina MarieSr. VP & Chief Risk OfficerDirectSell807202619.6718,000354,06091,564Form
12Donegal, Mutual Insurance CO DirectBuy807202619.6718,000354,060278,422,772Form
13Bixenman, Dennis Joseph DirectSell805202619.2611,250216,675180,177Form
14King, David Charles DirectSell805202619.339,000173,97071,521Form
15Deas, Noland Rone JRSenior Vice PresidentDirectSell805202619.4724,000467,28068,593Form
16Donegal, Mutual Insurance CO DirectBuy615202617.629,682170,615249,115,355Form
17Donegal, Mutual Insurance CO DirectBuy615202617.569,900173,830248,050,500Form
18Donegal, Mutual Insurance CO DirectBuy604202616.6210,000166,223234,658,821Form
19Donegal, Mutual Insurance CO DirectBuy604202617.038,500144,766240,262,406Form
20Donegal, Mutual Insurance CO DirectBuy602202616.768,500142,453236,281,408Form
21Donegal, Mutual Insurance CO DirectBuy602202617.108,500145,353240,946,500Form
22Donegal, Mutual Insurance CO DirectBuy529202616.988,500144,356239,149,374Form
23Donegal, Mutual Insurance CO DirectBuy528202617.158,500145,761241,331,302Form
24Donegal, Mutual Insurance CO DirectBuy528202617.338,500147,307243,742,487Form
25Donegal, Mutual Insurance CO DirectBuy526202617.408,500147,938244,639,549Form
26Donegal, Mutual Insurance CO DirectBuy526202617.488,500148,572245,538,158Form
27Donegal, Mutual Insurance CO DirectBuy519202617.338,500147,304243,004,728Form
28Donegal, Mutual Insurance CO DirectBuy519202617.168,500145,878240,505,911Form
29Donegal, Mutual Insurance CO DirectBuy515202617.168,500145,849240,312,415Form
30Donegal, Mutual Insurance CO DirectBuy515202616.868,500143,274235,926,941Form
31Donegal, Mutual Insurance CO DirectBuy513202616.988,500144,288237,452,469Form
32Donegal, Mutual Insurance CO DirectBuy513202617.188,500146,027240,168,444Form
33Donegal, Mutual Insurance CO DirectBuy511202617.138,077138,367239,342,015Form
34Donegal, Mutual Insurance CO DirectBuy511202617.068,500145,025238,237,394Form
35Donegal, Mutual Insurance CO DirectBuy507202616.658,500141,566232,412,804Form
36Donegal, Mutual Insurance CO DirectBuy507202616.508,500140,290230,177,913Form
37Delamater, William DanielEVP & Chief Oper OfficerDirectSell305202617.639,000158,65235,468Form
38Donegal, Mutual Insurance CO DirectBuy305202617.639,000158,652245,693,846Form
39Bawel, David BenjaminSVP & CHIEF ACCOUNTING OFFICERDirectSell1215202520.3967413,745435,105Form
40Donegal, Mutual Insurance CO DirectBuy1212202520.0522,819457,473278,940,546Form
41Donegal, Mutual Insurance CO DirectBuy1210202519.8128,000554,719275,197,879Form
42Donegal, Mutual Insurance CO DirectBuy1210202519.5327,524537,643270,792,050Form
43Donegal, Mutual Insurance CO DirectBuy1203202519.9515,000299,184275,954,576Form
44Donegal, Mutual Insurance CO DirectBuy1203202520.2015,000303,075279,240,394Form
45Altshuler, Kristi SpencerSr. Vice PresidentDirectSell1203202520.2512,000  Form
46Donegal, Mutual Insurance CO DirectBuy1201202520.255,000101,270279,612,401Form
47Kraft, Kevin Michael SR DirectSell1126202520.024,50090,081268,963Form
48Donegal, Mutual Insurance CO DirectBuy1126202520.188,000161,417278,451,264Form
49Donegal, Mutual Insurance CO DirectBuy1126202519.778,000158,130272,622,566Form
50Donegal, Mutual Insurance CO DirectBuy1124202519.808,000158,378272,891,752Form
51Donegal, Mutual Insurance CO DirectBuy1124202517.5043,404759,57083,159,545Form
52Donegal, Mutual Insurance CO DirectBuy1124202519.498,000155,898268,462,702Form
53Donegal, Mutual Insurance CO DirectBuy1120202519.627,587148,845270,113,213Form
54Donegal, Mutual Insurance CO DirectBuy1120202519.847,104140,953273,031,645Form
55Donegal, Mutual Insurance CO DirectBuy1118202519.918,000159,262273,803,936Form
56Donegal, Mutual Insurance CO DirectBuy1118202519.928,000159,357273,808,248Form
57Szady, Annette Brookens DirectSell1114202519.734,50088,76749,315Form
58Hecker, Rick JosephSVP & GENERAL COUNSELDirectSell1114202519.74900  Form
59Wagner, Daniel JSr. VP & TreasurerDirectSell1114202519.769,617190,0131,884,597Form
60Moore, Sewell Trezevant JR DirectSell1114202519.704,50088,671515,376Form
61Donegal, Mutual Insurance CO DirectBuy1114202519.5329,000566,300268,263,725Form
62Wagner, Daniel JSr. VP & TreasurerDirectSell1114202519.778,383165,6981,885,360Form
63Donegal, Mutual Insurance CO DirectBuy1114202519.746,794134,107270,595,437Form
64Donegal, Mutual Insurance CO DirectBuy1112202519.667,297143,460269,381,623Form
65Donegal, Mutual Insurance CO DirectBuy1112202519.368,000154,907265,173,611Form
66Donegal, Mutual Insurance CO DirectBuy1112202519.218,000153,650262,868,542Form
67Donegal, Mutual Insurance CO DirectBuy1107202519.138,000153,034261,660,273Form
68Donegal, Mutual Insurance CO DirectBuy1107202519.118,000152,847261,188,715Form
69Mahan, Jon Marshall DirectSell1105202519.074,50085,810180,927Form
70Donegal, Mutual Insurance CO DirectBuy1105202518.718,000149,704255,667,841Form
71Donegal, Mutual Insurance CO DirectBuy915202519.5320,000390,654266,710,795Form
72Donegal, Mutual Insurance CO DirectBuy912202519.4516,573322,424265,258,008Form
73Donegal, Mutual Insurance CO DirectBuy912202518.9920,000379,896258,671,300Form
74Donegal, Mutual Insurance CO DirectBuy910202519.2419,352372,292261,597,080Form
75Donegal, Mutual Insurance CO DirectBuy910202519.1019,025363,417259,380,807Form
76Donegal, Mutual Insurance CO DirectBuy908202519.2219,212369,339260,675,732Form
77Donegal, Mutual Insurance CO DirectBuy904202518.3720,000367,356248,707,671Form
78Donegal, Mutual Insurance CO DirectBuy904202518.2719,440355,136246,995,034Form
79Donegal, Mutual Insurance CO DirectBuy902202517.8420,000356,724240,806,126Form
80Donegal, Mutual Insurance CO DirectBuy902202517.618,032141,417237,355,518Form
Core Cache Last Updated: 8/30/2026