Zacks Investment Research upgraded shares of Mercury General (NYSE:MCY) from a hold rating to a strong-buy rating in a research report report published on Thursday morning. Zacks Investment Research currently has $70.00 target price on the insurance provider’s stock.
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. “
A number of other analysts also recently issued reports on MCY. ValuEngine upgraded shares of Mercury General from a sell rating to a hold rating in a report on Tuesday, July 31st. Keefe, Bruyette & Woods initiated coverage on shares of Mercury General in a report on Tuesday, August 28th. They issued a buy rating and a $64.00 price objective on the stock. Finally, TheStreet upgraded shares of Mercury General from a c+ rating to a b- rating in a report on Friday, August 10th.
Shares of MCY stock opened at $60.04 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.40 and a current ratio of 0.40. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 27.17 and a beta of 0.23. Mercury General has a 52 week low of $41.40 and a 52 week 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, topping the consensus estimate of $0.73 by $0.38. The firm had revenue of $905.34 million for the quarter, compared to the consensus estimate of $877.06 million. Mercury General had a net margin of 2.80% and a return on equity of 7.13%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. On average, analysts forecast that Mercury General will post 2.8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Thursday, December 13th will be issued a $0.6275 dividend. The ex-dividend date is Wednesday, December 12th. This is an increase from Mercury General’s previous quarterly dividend of $0.63. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.18%. Mercury General’s dividend payout ratio (DPR) is 152.44%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Gifford Fong Associates bought a new position in shares of Mercury General in the second quarter valued at $137,000. Flagship Harbor Advisors LLC bought a new position in shares of Mercury General in the second quarter valued at $181,000. Private Advisor Group LLC bought a new position in shares of Mercury General in the third quarter valued at $203,000. Commonwealth Equity Services LLC bought a new position in shares of Mercury General in the first quarter valued at $205,000. Finally, Acadian Asset Management LLC bought a new position in shares of Mercury General in the third quarter valued at $225,000. Institutional investors own 47.59% of the company’s stock.
Mercury General Company 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.
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