Mercury General (NYSE:MCY) Reaches New 1-Year High at $54.59

Mercury General Co. (NYSE:MCY)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $54.59 and last traded at $52.44, with a volume of 164204 shares traded. The stock had previously closed at $53.37.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Mercury General from a “strong-buy” rating to a “buy” rating in a report on Wednesday.

Mercury General Stock Performance

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $2.97 billion, a P/E ratio of 30.85 and a beta of 0.80. The stock has a fifty day moving average of $49.10 and a 200-day moving average of $40.65.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $1.15 EPS for the quarter, beating the consensus estimate of $0.05 by $1.10. Mercury General had a return on equity of 1.17% and a net margin of 2.08%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.16 billion. On average, research analysts anticipate that Mercury General Co. will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Wednesday, March 13th were given a dividend of $0.317 per share. The ex-dividend date was Tuesday, March 12th. This represents a $1.27 annualized dividend and a yield of 2.36%. Mercury General’s dividend payout ratio (DPR) is presently 72.99%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Larson Financial Group LLC acquired a new position in Mercury General during the third quarter valued at approximately $25,000. Quarry LP lifted its position in shares of Mercury General by 35.6% in the fourth quarter. Quarry LP now owns 876 shares of the insurance provider’s stock valued at $33,000 after buying an additional 230 shares during the last quarter. Fairfield Bush & CO. acquired a new stake in shares of Mercury General in the first quarter valued at approximately $33,000. Gradient Investments LLC acquired a new stake in shares of Mercury General in the third quarter valued at approximately $38,000. Finally, Global Retirement Partners LLC lifted its position in shares of Mercury General by 5,212.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,700 shares of the insurance provider’s stock valued at $67,000 after buying an additional 1,668 shares during the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.