DONEGAL GROUP INC DGICA
CL A · Common Stock · CUSIP 257701201
- SectorFinancials
- IndustryFire, Marine & Casualty Insurance
- HeadquartersMarietta, PA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.86.
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 92 |
| Q4 2022 | 97 |
| Q1 2023 | 90 |
| Q2 2023 | 88 |
| Q3 2023 | 86 |
| Q4 2023 | 89 |
| Q1 2024 | 89 |
| Q2 2024 | 97 |
| Q3 2024 | 100 |
| Q4 2024 | 132 |
| Q1 2025 | 140 |
| Q2 2025 | 148 |
| Q3 2025 | 150 |
| Q4 2025 | 153 |
| Q1 2026 | 156 |
| Q2 2026 | 153 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 39 | 40 |
| Q4 2024 | 83 | 27 |
| Q1 2025 | 66 | 56 |
| Q2 2025 | 86 | 50 |
| Q3 2025 | 70 | 70 |
| Q4 2025 | 74 | 56 |
| Q1 2026 | 61 | 76 |
| Q2 2026 | 88 | 55 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $18.8k | $0 | 0.00 |
| Q4 2025 | $0 | $0 | — |
| Q1 2026 | $3.4k | $3.8m | 1118.52 |
| Q2 2026 | $0 | $0 | — |
Biggest buyers
| BlackRock, Inc. | Added | +262.5k |
| LOGAN CAPITAL MANAGEMENT INC | New | +223.7k |
| CSM Advisors, LLC | Added | +111.0k |
| GOLDMAN SACHS GROUP INC | Added | +101.3k |
| D. E. Shaw & Co., Inc. | New | +75.2k |
| AMERICAN CENTURY COMPANIES INC | Added | +73.9k |
| DIMENSIONAL FUND ADVISORS LP | Added | +71.9k |
| VICTORY CAPITAL MANAGEMENT INC | New | +58.0k |
| MORGAN STANLEY | Added | +49.0k |
| CITADEL ADVISORS LLC | Added | +48.1k |
Biggest sellers
| ProShare Advisors LLC | Sold out | -356.3k |
| Qube Research & Technologies Ltd | Reduced | -98.2k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -77.4k |
| UBS Group AG | Reduced | -64.1k |
| ACADIAN ASSET MANAGEMENT LLC | Sold out | -48.8k |
| VANGUARD CAPITAL MANAGEMENT LLC | Reduced | -42.4k |
| JANE STREET GROUP, LLC | Sold out | -34.9k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -32.8k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Reduced | -29.1k |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -25.4k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| DIMENSIONAL FUND ADVISORS LP 13G · institution filed 2026-01-21 | 5.6% |
Fell to 5% or below in the last year: BlackRock, Inc. (4.9%, 2026-10-27)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 1 | $78.0k | 16 | $9.1m | — |
| Q1 2025 | 0 | — | 7 | $1.8m | — |
| Q2 2025 | 0 | — | 15 | $5.5m | — |
| Q3 2025 | 1 | $71 | 1 | $78.8k | — |
| Q4 2025 | 0 | — | 8 | $983.6k | — |
| Q1 2026 | 0 | — | 1 | $158.7k | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 9 | $2.4m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-11 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $1.1m54.7k shares |
| 2026-09-11 | BURKE KEVIN GERARD President & Chief Exec Officer, director | Sold | $461.5k24.0k shares |
| 2026-09-11 | MILLER JEFFREY DEAN EVP & Chief Financial Officer | Sold | $403.8k21.0k shares |
| 2026-09-10 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $191.3k10.0k shares |
| 2026-09-09 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $257.7k13.5k shares |
| 2026-09-09 | BAWEL DAVID BENJAMIN SVP & CHIEF ACCOUNTING OFFICER | Sold | $160.5k8.3k shares |
| 2026-09-08 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $191.4k10.0k shares |
| 2026-09-04 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $123.5k6.4k shares |
| 2026-09-03 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $187.4k9.6k shares |
| 2026-09-03 | HUBER BARRY CRAIG Director | Sold | $87.4k4.5k shares |
| 2026-09-03 | VIOZZI VINCENT ANTHONY Sr. VP & Chief Inv Officer | Sold | $44.5k2.3k shares |
| 2026-09-02 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $194.3k10.0k shares |
| 2026-09-01 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $177.5k9.3k shares |
| 2026-08-31 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $191.8k10.0k shares |
| 2026-08-28 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $191.9k10.0k shares |
| 2026-08-27 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $189.5k10.0k shares |
| 2026-08-26 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $181.7k9.5k shares |
| 2026-08-25 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $190.0k10.0k shares |
| 2026-08-24 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $190.6k10.0k shares |
| 2026-08-21 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $186.8k10.0k shares |
| 2026-08-20 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $183.1k9.8k shares |
| 2026-08-19 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $180.5k9.7k shares |
| 2026-08-18 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $186.0k10.0k shares |
| 2026-08-17 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $185.2k10.0k shares |
| 2026-08-06 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $354.1k18.0k shares |
| 2026-08-06 | HOFFMAN CHRISTINA MARIE Sr. VP & Chief Risk Officer | Sold | $354.1k18.0k shares |
| 2026-08-04 | DEAS NOLAND RONE JR Senior Vice President | Sold | $467.3k24.0k shares |
| 2026-08-04 | BIXENMAN DENNIS JOSEPH Director | Sold | $216.7k11.2k shares |
| 2026-08-04 | KING DAVID CHARLES Director | Sold | $174.0k9.0k shares |
| 2026-06-12 | DONEGAL MUTUAL INSURANCE CO 10% owner | Bought | $170.6k9.7k shares |
The latest 30 of 52 trades.
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 2.2m $40.9m | Added +262.5k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 1.8m $34.1m | Added +71.9k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 706.7k $13.3m | Reduced -42.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 596.5k $11.3m | Added +40.6k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 469.9k $8.9m | Added +73.9k |
| OLD REPUBLIC INTERNATIONAL CORP 0.30% of their portfolio | 425.5k $8.0m | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 406.6k $7.7m | Added +14.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 359.9k $6.8m | Reduced -32.8k |
| MORGAN STANLEY 0.00% of their portfolio | 330.7k $6.2m | Added +49.0k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 322.3k $6.1m | Reduced -25.4k |
| CSM Advisors, LLC 0.12% of their portfolio | 289.0k $5.5m | Added +111.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 267.1k $5.0m | Reduced -9.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 259.7k $4.9m | Added +101.3k |
| CALDWELL SUTTER CAPITAL, INC. 1.61% of their portfolio | 226.4k $4.3m | Added +14.1k |
| LOGAN CAPITAL MANAGEMENT INC 0.16% of their portfolio | 223.7k $4.2m | New |
| PHILADELPHIA TRUST CO 0.27% of their portfolio | 223.7k $4.2m | Reduced -11.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 217.9k $4.1m | Added +8.0k |
| ROYCE & ASSOCIATES LP 0.03% of their portfolio | 209.2k $3.9m | Added +11.2k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 197.2k $3.7m | Added +19.6k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 170.4k $3.2m | Reduced -1.7k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 169.7k $3.2m | Added +9.7k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 167.6k $3.2m | Added +974 |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 167.0k $3.2m | Added +12.8k |
| Creative Planning 0.00% of their portfolio | 159.9k $3.0m | Added +36.1k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 143.4k $2.7m | Reduced -98.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 142.4k $2.7m | Added +2.9k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 136.8k $2.6m | Unchanged |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 113.7k $2.1m | Added +6.7k |
| TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio | 112.1k $2.1m | Reduced -22.6k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 110.7k $2.1m | Added +48.1k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 105.2k $2.0m | Reduced -77.4k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 100.6k $1.9m | Added +48.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 100.1k $1.9m | Reduced -29.1k |
| PINNACLE ASSOCIATES LTD 0.02% of their portfolio | 92.9k $1.8m | Added +2.3k |
| Empowered Funds, LLC 0.01% of their portfolio | 90.6k $1.7m | Unchanged |
| Trexquant Investment LP 0.01% of their portfolio | 90.0k $1.7m | Added +39.8k |
| CANNELL CAPITAL LLC 1.09% of their portfolio | 82.9k $1.6m | Unchanged |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 75.2k $1.4m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 71.5k $1.3m | Reduced -2.3k |
| Quantinno Capital Management LP 0.00% of their portfolio | 63.2k $1.2m | Added +11.5k |
| NORGES BANK 0.00% of their portfolio | 61.0k $1.2m | Not comparable |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 58.0k $1.1m | New |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 57.6k $1.1m | Added +2.2k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 56.5k $1.1m | Added +3.1k |
| Numerai GP LLC 0.07% of their portfolio | 47.9k $903.7k | New |
| Campbell & CO Investment Adviser LLC 0.05% of their portfolio | 46.8k $882.0k | Added +651 |
| Minerva Advisors LLC 0.55% of their portfolio | 46.5k $876.8k | Unchanged |
| UBS Group AG 0.00% of their portfolio | 46.0k $868.4k | Reduced -64.1k |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 45.4k $857.1k | Added +2.6k |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.01% of their portfolio | 44.9k $846.3k | Added +8.1k |
| HRT FINANCIAL LP 0.00% of their portfolio | 42.1k $794.0k | Added +26.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 40.2k $757.6k | Reduced -2.0k |
| BARCLAYS PLC 0.00% of their portfolio | 40.1k $756.6k | Reduced -1.2k |
| Nuveen, LLC 0.00% of their portfolio | 39.0k $735.9k | Added +18.5k |
| MARTINGALE ASSET MANAGEMENT L P 0.02% of their portfolio | 38.1k $719.0k | Added +4.0k |
| Swiss National Bank 0.00% of their portfolio | 34.7k $654.4k | Added +1.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 34.3k $647.6k | Added +7.4k |
| PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio | 30.4k $573.6k | New |
| Invesco Ltd. 0.00% of their portfolio | 29.9k $563.0k | Reduced -7.0k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 24.8k $426.8k | Added +2.8k |
| ExodusPoint Capital Management, LP 0.00% of their portfolio | 21.4k $403.1k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 21.2k $399.6k | Added +1.2k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 20.9k $395.2k | Added +866 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 20.0k $376.3k | Added +3.9k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 18.2k $343.7k | Added +6.0k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 17.6k $331.1k | Added +8.8k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 17.5k $329.4k | Added +2.4k |
| Orion Porfolio Solutions, LLC 0.00% of their portfolio | 15.3k $288.8k | Added +4.1k |
| US BANCORP \DE\ 0.00% of their portfolio | 15.2k $287.3k | Added +27 |
| Pinnacle Wealth Management Advisory Group, LLC 0.02% of their portfolio | 15.1k $285.4k | Reduced -8.3k |
| FIDELIS CAPITAL PARTNERS, LLC 0.02% of their portfolio | 15.1k $284.9k | New |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 14.8k $278.2k | Reduced -526 |
| Ancora Advisors LLC 0.01% of their portfolio | 14.5k $273.5k | Reduced -400 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 14.4k $273.0k | Added +757 |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 13.5k $254.2k | Added +9.0k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 13.4k $251.8k | Added +987 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 13.1k $246.8k | Reduced -4.4k |
| CITIGROUP INC 0.00% of their portfolio | 13.0k $245.6k | Added +7.5k |
| HAZLETT, BURT & WATSON, INC. 0.06% of their portfolio | 12.9k $244.0k | Unchanged |
| Ascent Group, LLC 0.01% of their portfolio | 12.7k $238.9k | Added +1.4k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 12.6k $238.5k | New |
| Savant Capital, LLC 0.00% of their portfolio | 12.5k $235.3k | Added +2.5k |
| Bleakley Financial Group, LLC 0.00% of their portfolio | 11.4k $214.2k | New |
| Y-Intercept (Hong Kong) Ltd 0.00% of their portfolio | 11.3k $212.6k | New |
| Mariner, LLC 0.00% of their portfolio | 10.8k $203.5k | Reduced -597 |
| Vise Technologies, Inc. 0.00% of their portfolio | 10.7k $201.2k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 10.5k $197.7k | Added +1.8k |
| IAG Wealth Partners, LLC 0.02% of their portfolio | 9.9k $186.6k | Unchanged |
| IFP Advisors, Inc 0.00% of their portfolio | 9.2k $173.8k | Added +2.0k |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 8.5k $160.3k | Unchanged |
| VIRTUS ADVISERS, LLC 0.06% of their portfolio | 8.4k $159.3k | Added +1.0k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 8.0k $150.1k | Reduced -28 |
| Legal & General Group Plc 0.00% of their portfolio | 7.8k $147.7k | Reduced -992 |
| Vanguard Investments Australia, Ltd. 0.00% of their portfolio | 5.4k $102.4k | Unchanged |
| PhiloSmith Capital Corp 0.03% of their portfolio | 5.2k $97.9k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 4.9k $93.1k | Reduced -7.9k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 4.9k $92.1k | Unchanged |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 4.8k $89.9k | Unchanged |
| Capital Advisors, Ltd. LLC 0.01% of their portfolio | 4.7k $90.0k | Added +4.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 4.5k $84.0k | Added +2.2k |