Philadelphia Financial Management of San Francisco LLC Takes Position in Mercury General Corporation $MCY

Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Mercury General Corporation (NYSE:MCY) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 63,200 shares of the insurance provider’s stock, valued at approximately $6,738,384. Mercury General accounts for 0.0% of Philadelphia Financial Management of San Francisco LLC’s holdings, making the stock its 28th biggest position. Philadelphia Financial Management of San Francisco LLC owned 0.11% of Mercury General as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Mercury General in the 2nd quarter valued at about $7,424,000. Jupiter Topco LLC bought a new stake in Mercury General during the 2nd quarter worth approximately $1,298,000. Hsbc Holdings PLC bought a new stake in Mercury General in the second quarter valued at $2,060,000. Canada Pension Plan Investment Board bought a new position in shares of Mercury General during the 2nd quarter valued at $309,000. Finally, Legal & General Group Plc purchased a new stake in shares of Mercury General during the 2nd quarter worth approximately $7,348,000. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on MCY shares. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Strong Buy” and an average price target of $100.00.

Mercury General Stock Performance

Shares of MCY traded up $0.24 during trading hours on Friday, reaching $102.88. 207,448 shares of the company traded hands, compared to its average volume of 269,209. Mercury General Corporation has a 12-month low of $74.29 and a 12-month high of $113.06. The stock has a market capitalization of $5.70 billion, a P/E ratio of 6.08 and a beta of 0.90. The business has a fifty day moving average price of $106.80 and a 200-day moving average price of $98.68. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.99. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.52 billion. Mercury General had a return on equity of 31.98% and a net margin of 14.77%. Equities analysts anticipate that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Dividend Announcement

The firm 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 dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. Mercury General’s payout ratio is 7.51%.

Mercury General Company 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.