Great West Life Assurance Co. Can lowered its stake in Mercury General Co. (NYSE:MCY) by 8.0% during the third quarter, Holdings Channel.com reports. The fund owned 14,952 shares of the insurance provider’s stock after selling 1,296 shares during the period. Great West Life Assurance Co. Can’s holdings in Mercury General were worth $618,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its position in shares of Mercury General by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 45,826 shares of the insurance provider’s stock valued at $1,896,000 after acquiring an additional 391 shares during the last quarter. Paloma Partners Management Co bought a new position in Mercury General during the third quarter worth about $992,000. Hillcrest Asset Management LLC bought a new position in Mercury General during the third quarter worth about $11,126,000. California State Teachers Retirement System grew its holdings in Mercury General by 1.6% during the third quarter. California State Teachers Retirement System now owns 46,658 shares of the insurance provider’s stock worth $1,930,000 after purchasing an additional 739 shares during the period. Finally, Schonfeld Strategic Advisors LLC bought a new position in Mercury General during the third quarter worth about $360,000. 37.37% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Mercury General from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 5th. BidaskClub upgraded Mercury General from a “hold” rating to a “buy” rating in a report on Thursday, December 17th. Finally, ValuEngine cut Mercury General from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 6th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $49.00.
Mercury General (NYSE:MCY) last released its quarterly earnings results on Sunday, November 8th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.17. Mercury General had a net margin of 6.47% and a return on equity of 13.57%. The company had revenue of $942.89 million during the quarter, compared to the consensus estimate of $929.23 million. During the same period in the previous year, the business earned $0.78 earnings per share. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. On average, equities research analysts forecast that Mercury General Co. will post 4.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 30th. Shareholders of record on Wednesday, December 16th were given a dividend of $0.632 per share. This is an increase from Mercury General’s previous quarterly dividend of $0.63. This represents a $2.53 annualized dividend and a yield of 4.81%. The ex-dividend date was Tuesday, December 15th. Mercury General’s payout ratio is currently 97.31%.
Mercury General Company Profile
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. It also writes homeowners, commercial automobile, commercial property, mechanical protection, fire, and umbrella insurance. The company's automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners' insurance products cover dwelling, liability, personal property, fire, and other hazards.
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