SG Americas Securities LLC lessened its holdings in Mercury General Co. (NYSE:MCY) by 44.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,273 shares of the insurance provider’s stock after selling 9,127 shares during the period. SG Americas Securities LLC’s holdings in Mercury General were worth $514,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of MCY. Point72 Asia Hong Kong Ltd boosted its position in Mercury General by 1,187.5% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 3,515 shares of the insurance provider’s stock valued at $161,000 after buying an additional 3,242 shares during the period. Commonwealth Equity Services LLC purchased a new position in Mercury General in the 1st quarter valued at approximately $205,000. Xact Kapitalforvaltning AB purchased a new position in Mercury General in the 1st quarter valued at approximately $241,000. BNP Paribas Arbitrage SA boosted its position in Mercury General by 52.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,001 shares of the insurance provider’s stock valued at $319,000 after buying an additional 2,404 shares during the period. Finally, Stifel Financial Corp purchased a new position in Mercury General in the 1st quarter valued at approximately $341,000. 47.66% of the stock is owned by institutional investors.
MCY has been the subject of several recent research reports. Zacks Investment Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research report on Saturday, August 4th. TheStreet raised shares of Mercury General from a “c+” rating to a “b-” rating in a research report on Friday, August 10th. Keefe, Bruyette & Woods initiated coverage on shares of Mercury General in a research report on Tuesday, August 28th. They issued a “buy” rating and a $64.00 price target for the company. Finally, ValuEngine raised shares of Mercury General from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st.
Mercury General stock opened at $51.87 on Monday. The firm has a market cap of $2.92 billion, a PE ratio of 31.63, a PEG ratio of 0.69 and a beta of 0.56. Mercury General Co. has a 12-month low of $41.40 and a 12-month high of $60.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.40 and a quick ratio of 0.40.
Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, July 30th. The insurance provider reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.33. The business had revenue of $871.10 million during the quarter, compared to analysts’ expectations of $849.56 million. Mercury General had a net margin of 2.48% and a return on equity of 5.44%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 EPS. sell-side analysts forecast that Mercury General Co. will post 2.2 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Thursday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $2.50 annualized dividend and a dividend yield of 4.82%. Mercury General’s dividend payout ratio (DPR) is currently 152.44%.
Mercury General Profile
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
Further Reading: Average Daily Trade Volume – ADTV
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