Zacks: Brokerages Set $42.00 Price Target for Mercury General Co. (MCY)

Mercury General Co. (NYSE:MCY) has earned an average broker rating score of 3.50 (Sell) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a sell rating and one has assigned a hold rating to the company.

Brokerages have set a 1-year consensus price target of $42.00 for the company and are anticipating that the company will post $0.48 earnings per share for the current quarter, according to Zacks. Zacks has also given Mercury General an industry rank of 123 out of 265 based on the ratings given to its competitors.

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Separately, Zacks Investment Research cut Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd.

Shares of Mercury General (NYSE:MCY) opened at $48.08 on Friday. Mercury General has a 12 month low of $41.40 and a 12 month high of $63.23. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $2,582.35, a price-to-earnings ratio of 18.35, a P/E/G ratio of 0.74 and a beta of 0.48.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Monday, February 5th. The insurance provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.18). Mercury General had a net margin of 4.24% and a return on equity of 5.14%. The business had revenue of $779.20 million during the quarter, compared to the consensus estimate of $847.35 million. During the same quarter last year, the company posted $0.58 EPS. The firm’s revenue was up 1.4% on a year-over-year basis. equities analysts expect that Mercury General will post 2.5 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 5.20%. The ex-dividend date of this dividend is Wednesday, March 14th. Mercury General’s payout ratio is 95.42%.

A number of hedge funds have recently bought and sold shares of MCY. Pinebridge Investments L.P. bought a new position in Mercury General during the 4th quarter worth $152,000. Tower Research Capital LLC TRC increased its position in Mercury General by 76.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,313 shares of the insurance provider’s stock worth $177,000 after buying an additional 1,439 shares during the period. Stifel Financial Corp bought a new position in Mercury General during the 3rd quarter worth $206,000. Timber Hill LLC bought a new position in Mercury General during the 4th quarter worth $209,000. Finally, Elkfork Partners LLC bought a new position in Mercury General during the 4th quarter worth $235,000. Hedge funds and other institutional investors own 46.32% of the company’s stock.

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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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