Mercury General (NYSE:MCY) Hits New 52-Week High – Time to Buy?

Shares of Mercury General Corporation (NYSE:MCY) hit a new 52-week high on Monday . The stock traded as high as $95.24 and last traded at $95.58, with a volume of 34761 shares changing hands. The stock had previously closed at $93.62.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercury General in a report on Wednesday, October 8th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $100.00 price target (up previously from $90.00) on shares of Mercury General in a research report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and an average target price of $100.00.

Mercury General Trading Up 1.5%

The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 11.98 and a beta of 0.97. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.45 and a current ratio of 0.45. The company has a 50 day moving average price of $86.18 and a two-hundred day moving average price of $77.59.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, November 4th. The insurance provider reported $3.86 EPS for the quarter, topping the consensus estimate of $2.15 by $1.71. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.49 billion. Mercury General had a net margin of 7.55% and a return on equity of 19.53%. On average, research analysts forecast that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Investors of record on Wednesday, December 10th will be given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 10th. Mercury General’s dividend payout ratio is 16.02%.

Institutional Investors Weigh In On Mercury General

A number of hedge funds have recently modified their holdings of the business. Aster Capital Management DIFC Ltd acquired a new position in Mercury General during the third quarter worth about $34,000. Jones Financial Companies Lllp raised its holdings in Mercury General by 236.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 457 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 321 shares during the last quarter. Caitlin John LLC acquired a new stake in Mercury General in the 3rd quarter valued at about $41,000. Allworth Financial LP lifted its stake in Mercury General by 18.6% in the 3rd quarter. Allworth Financial LP now owns 753 shares of the insurance provider’s stock worth $64,000 after purchasing an additional 118 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Mercury General during the 3rd quarter worth approximately $72,000. 42.39% of the stock is currently owned by institutional investors and hedge funds.

About Mercury General

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.