Sierra Summit Advisors LLC Invests $976,000 in Mercury General Corporation $MCY

Sierra Summit Advisors LLC acquired a new stake in Mercury General Corporation (NYSE:MCY) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,379 shares of the insurance provider’s stock, valued at approximately $976,000.

A number of other institutional investors also recently added to or reduced their stakes in MCY. Royal Bank of Canada boosted its holdings in Mercury General by 58.8% in the 1st quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock valued at $3,036,000 after purchasing an additional 20,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Mercury General by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after purchasing an additional 702 shares in the last quarter. Millennium Management LLC boosted its holdings in Mercury General by 8.5% in the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock valued at $6,223,000 after purchasing an additional 8,742 shares in the last quarter. Empowered Funds LLC boosted its holdings in Mercury General by 1.7% in the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock valued at $611,000 after purchasing an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Mercury General by 194.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock valued at $81,000 after purchasing an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Mercury General Trading Up 1.5%

Shares of Mercury General stock opened at $102.97 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.44 and a quick ratio of 0.44. Mercury General Corporation has a 1 year low of $59.01 and a 1 year high of $103.86. The company has a market capitalization of $5.70 billion, a P/E ratio of 6.79 and a beta of 0.92. The business has a 50 day moving average price of $93.34 and a 200 day moving average price of $91.18.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share for the quarter, beating the consensus estimate of $2.15 by $1.35. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. Sell-side analysts anticipate that Mercury General Corporation will post 11.75 EPS for the current fiscal year.

Mercury General Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be issued a $0.3175 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.27 annualized dividend and a yield of 1.2%. Mercury General’s payout ratio is 8.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research lowered Mercury General from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $100.00.

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.