Mackay Shields LLC raised its stake in shares of Mercury General Co. (NYSE:MCY) by 21.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,987 shares of the insurance provider’s stock after purchasing an additional 25,019 shares during the quarter. Mackay Shields LLC owned about 0.25% of Mercury General worth $7,823,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in Mercury General by 0.6% during the second quarter. BlackRock Inc. now owns 2,432,470 shares of the insurance provider’s stock valued at $152,029,000 after purchasing an additional 14,356 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Mercury General by 13.3% during the second quarter. Renaissance Technologies LLC now owns 1,719,800 shares of the insurance provider’s stock valued at $107,488,000 after acquiring an additional 202,500 shares during the last quarter. Invesco Ltd. increased its position in shares of Mercury General by 7.9% during the second quarter. Invesco Ltd. now owns 1,649,262 shares of the insurance provider’s stock valued at $103,079,000 after acquiring an additional 121,421 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Mercury General during the second quarter valued at about $25,382,000. Finally, Bank of New York Mellon Corp increased its position in shares of Mercury General by 6.0% during the second quarter. Bank of New York Mellon Corp now owns 403,066 shares of the insurance provider’s stock valued at $25,191,000 after acquiring an additional 22,897 shares during the last quarter. Institutional investors and hedge funds own 42.96% of the company’s stock.
Shares of NYSE MCY traded down $0.10 during midday trading on Friday, hitting $48.97. The company’s stock had a trading volume of 11,015 shares, compared to its average volume of 208,935. The business’s fifty day simple moving average is $53.09 and its two-hundred day simple moving average is $56.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.45 and a quick ratio of 0.45. Mercury General Co. has a 1 year low of $46.69 and a 1 year high of $65.22. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 27.20, a price-to-earnings-growth ratio of 0.47 and a beta of 0.21.
Mercury General (NYSE:MCY) last posted its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.22). Mercury General had a net margin of 5.43% and a return on equity of 6.81%. The business had revenue of $983.10 million during the quarter, compared to analysts’ expectations of $968.71 million. During the same period in the previous year, the business posted $1.11 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts anticipate that Mercury General Co. will post 2.8 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be paid a $0.63 dividend. This is a positive change from Mercury General’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $2.52 annualized dividend and a dividend yield of 5.15%. Mercury General’s dividend payout ratio (DPR) is presently 139.44%.
A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods cut shares of Mercury General from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a research report on Monday, October 28th. ValuEngine cut shares of Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research cut shares of Mercury General from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 30th.
About Mercury General
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, fire, and umbrella insurance. Its 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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