State Treasurer State of Michigan lowered its position in Mercury General Co. (NYSE:MCY) by 25.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,000 shares of the insurance provider’s stock after selling 3,500 shares during the period. State Treasurer State of Michigan’s holdings in Mercury General were worth $502,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MERIAN GLOBAL INVESTORS UK Ltd grew its holdings in shares of Mercury General by 212.5% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 244,861 shares of the insurance provider’s stock worth $12,282,000 after acquiring an additional 166,502 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Mercury General by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock worth $24,469,000 after acquiring an additional 24,606 shares during the period. Advisors Asset Management Inc. grew its holdings in shares of Mercury General by 9.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 12,320 shares of the insurance provider’s stock worth $561,000 after acquiring an additional 1,094 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Mercury General in the 2nd quarter worth approximately $5,172,000. Finally, Gifford Fong Associates acquired a new stake in shares of Mercury General in the 2nd quarter worth approximately $137,000. Institutional investors and hedge funds own 47.86% of the company’s stock.
A number of equities research analysts have commented on MCY shares. Zacks Investment Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating and set a $60.00 target price on the stock in a report on Saturday, August 4th. Keefe, Bruyette & Woods set a $69.00 target price on Mercury General and gave the company a “buy” rating in a report on Monday, October 29th. TheStreet upgraded Mercury General from a “c+” rating to a “b-” rating in a report on Friday, August 10th. Finally, ValuEngine upgraded Mercury General from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st.
Shares of NYSE:MCY opened at $60.04 on Friday. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 26.84, a P/E/G ratio of 0.69 and a beta of 0.22. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.40 and a current ratio of 0.40. Mercury General Co. has a one year low of $41.40 and a one year high of $61.83.
Mercury General (NYSE:MCY) last announced its earnings results on Monday, October 29th. The insurance provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.38. The firm had revenue of $905.34 million for the quarter, compared to analysts’ expectations of $877.06 million. Mercury General had a return on equity of 7.13% and a net margin of 2.80%. Mercury General’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. As a group, equities research analysts forecast that Mercury General Co. will post 2.47 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Thursday, December 13th will be issued a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Wednesday, December 12th. This is a boost from Mercury General’s previous quarterly dividend of $0.63. Mercury General’s dividend payout ratio is 152.44%.
About Mercury General
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.
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