Globeflex Capital L P Buys Shares of 45,964 Mercury General Corporation $MCY

Globeflex Capital L P purchased a new stake in shares of Mercury General Corporation (NYSE:MCY) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 45,964 shares of the insurance provider’s stock, valued at approximately $4,901,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in Mercury General in the 2nd quarter worth about $35,000. Hilton Head Capital Partners LLC bought a new stake in Mercury General in the 4th quarter valued at about $38,000. Mcguire Capital Advisors Inc. purchased a new stake in Mercury General during the fourth quarter valued at about $40,000. IFP Advisors Inc lifted its holdings in Mercury General by 79.4% during the fourth quarter. IFP Advisors Inc now owns 506 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 224 shares during the last quarter. Finally, State of Wyoming bought a new position in Mercury General during the second quarter worth about $78,000. Institutional investors own 42.39% of the company’s stock.

Analysts Set New Price Targets

MCY has been the subject of several recent research reports. Zacks Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $100.00.

Mercury General Price Performance

MCY stock opened at $105.77 on Monday. The firm has a 50 day moving average of $106.58 and a 200-day moving average of $98.35. The firm has a market capitalization of $5.86 billion, a P/E ratio of 6.25 and a beta of 0.90. Mercury General Corporation has a 12 month low of $74.29 and a 12 month high of $113.06. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33.

Mercury General (NYSE:MCY) last posted its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.52 billion. As a group, sell-side analysts predict that Mercury General Corporation will post 12.75 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.27 annualized dividend and a dividend yield of 1.2%. Mercury General’s dividend payout ratio is presently 7.51%.

Mercury General Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.