Donegal Group hikes dividend for 21st consecutive year in 2023

On April 20, 2023, Donegal Group (DGICA) announced that it will raise its quarterly dividend by 3.0 percent to $0.17 per share of the company's Class A common stock. This follows a 3.1 percent dividend hike in 2022 by the insurance company and marks 21 consecutive years of dividend growth.

Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) reported that its board of directors declared a regular quarterly cash dividend of $0.17 per share of the Company’s Class A common stock and $0.1525 per share of the Company’s Class B common stock. The dividends are payable on May 15, 2023 to stockholders of record as of the close of business on May 1, 2023.

Donegal has raised its dividend 21 straight years
(click for a larger image).

These dividends represent percentage increases of 3.0% for the Company’s Class A common stock and 3.4% for the Company’s Class B common stock compared to the previous quarterly cash dividend rates. Another US financial company raising its dividend for the 20th year this week is Bar Harbor Bankshares.

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in 24 Mid-Atlantic, Midwestern, New England, Southern and Southwestern states. Donegal Mutual Insurance Company and its insurance subsidiaries conduct business together with the insurance subsidiaries of Donegal Group Inc. as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent). The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. The Company is focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing its operations and processes to transform its business, capitalizing on opportunities to grow profitably and delivering a superior experience to its agents and customers.