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Midstate trading: Donegal execs lead the way for stock sales

Four executives at Donegal Group Inc., as well as Donegal Mutual Insurance Co., bought or sold company shares this week. They were the largest stock trades of the week by executives and large shareholders at midstate-based public companies.

Donegal added 195,000 Class A shares at $15.45 per share on April 29, which totaled more than $3 million, according to a filing with the U.S. Securities and Exchange Commission.

The company owns nearly 8 million Class A shares and more than 4.2 million Class B shares, according to the SEC.

COO and acting CEO Kevin Burke exercised an option on 50,000 shares at $14 per share and sold those shares at $15.45 per share on April 29, according to a filing.

He was joined by CFO Jeffrey Miller, who optioned and sold 55,000 shares; Senior Vice President Robert Shenk, who optioned and sold 50,000 shares; and Senior Vice President and Treasurer Daniel Wagner, who optioned and sold 40,000 shares.

Those sales ranged from $618,000 to $849,750, according to Yahoo Finance.

Burke retains 538 direct shares of Class A stock. By comparison, Shenk owns 19,665 direct Class A shares and 19,834 indirect shares.

Wagner owns 15,659 direct Class A shares and 39,331 indirect shares, plus 166 direct Class B shares.

Miller owns 4,741 direct Class A shares and 26,267 indirect shares, plus 106 direct Class B shares and 476 indirect shares.

Donegal is a Lancaster County-based insurance and financial company. It trades its shares on the NASDAQ under the ticker symbols DGICA and DGICB.


Eric Segal, a board director at Orrstown Financial Services Inc., the parent company of Orrstown Bank, bought 1,000 shares of company stock at $17.14 per share on April 24. He owns 4,000 shares, according to an SEC filing.

Orrstown shares are traded on the NASDAQ under the ticker symbol ORRF.

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