Burns Matteson Capital Management LLC Acquires New Stake in Mercury General Corporation $MCY

Burns Matteson Capital Management LLC acquired a new stake in Mercury General Corporation (NYSE:MCY) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 5,380 shares of the insurance provider’s stock, valued at approximately $532,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCY. Allworth Financial LP bought a new position in shares of Mercury General during the 2nd quarter valued at approximately $35,000. PenderFund Capital Management Ltd. purchased a new stake in Mercury General during the 2nd quarter valued at $44,000. Caitlin John LLC purchased a new stake in Mercury General during the 2nd quarter valued at $53,000. Hilton Head Capital Partners LLC lifted its position in Mercury General by 32.6% in the first quarter. Hilton Head Capital Partners LLC now owns 541 shares of the insurance provider’s stock worth $48,000 after buying an additional 133 shares during the last quarter. Finally, State of Wyoming bought a new stake in Mercury General in the second quarter worth $78,000. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Mercury General Stock Up 1.0%

Shares of NYSE MCY opened at $102.83 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market cap of $5.70 billion, a P/E ratio of 6.08 and a beta of 0.89. Mercury General Corporation has a 1 year low of $74.29 and a 1 year high of $113.06. The firm has a 50-day simple moving average of $102.64 and a two-hundred day simple moving average of $101.64.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.99. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.52 billion. Mercury General had a return on equity of 31.98% and a net margin of 14.77%. Research analysts anticipate that Mercury General Corporation will post 13.25 earnings per share for the current year.

Mercury General Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were paid a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 10th. Mercury General’s dividend payout ratio (DPR) is currently 7.51%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Tuesday, September 1st. Finally, Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Strong Buy”.

About Mercury General

Mercury General Corporation is an insurance holding company that underwrites and provides personal and commercial property and casualty insurance. Through its Mercury Insurance operations, the company primarily serves individuals, families and businesses seeking coverage for automobiles, homes and other property.

Its product offerings include private passenger automobile insurance, homeowners insurance, commercial automobile insurance, dwelling fire coverage and umbrella insurance. Mercury also provides related insurance products and services, including roadside assistance and mechanical protection in certain markets.

Founded in 1961, Mercury General is headquartered in Los Angeles, California.