Mercury General (MCY) Downgraded by Zacks Investment Research to “Sell”

Mercury General (NYSE:MCY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “

Separately, TheStreet cut Mercury General from a “b” rating to a “c+” rating in a research report on Monday, October 30th.

Shares of Mercury General (MCY) opened at $44.48 on Thursday. The company has a market capitalization of $2,380.00, a P/E ratio of 16.98, a PEG ratio of 0.51 and a beta of 0.42. Mercury General has a 1-year low of $41.40 and a 1-year high of $63.23. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.21.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, February 5th. The insurance provider reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.18). The firm had revenue of $779.20 million for the quarter, compared to the consensus estimate of $847.35 million. Mercury General had a net margin of 4.24% and a return on equity of 5.14%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.58 EPS. sell-side analysts expect that Mercury General will post 2.72 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of Mercury General by 17.2% during the second quarter. State Street Corp now owns 2,877,538 shares of the insurance provider’s stock valued at $155,388,000 after buying an additional 423,115 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Mercury General by 0.8% during the second quarter. Vanguard Group Inc. now owns 2,484,739 shares of the insurance provider’s stock valued at $134,175,000 after buying an additional 18,986 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Mercury General by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,299,375 shares of the insurance provider’s stock valued at $73,662,000 after buying an additional 26,723 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Mercury General by 77.9% during the fourth quarter. Renaissance Technologies LLC now owns 687,831 shares of the insurance provider’s stock valued at $36,758,000 after buying an additional 301,131 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Mercury General by 210.5% during the fourth quarter. Millennium Management LLC now owns 558,257 shares of the insurance provider’s stock valued at $29,833,000 after buying an additional 378,455 shares during the last quarter. 46.00% of the stock is currently owned by institutional investors.

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Mercury General Company Profile

Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.

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