Meeder Asset Management Inc. bought a new position in Mercury General Co. (NYSE:MCY) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,171 shares of the insurance provider’s stock, valued at approximately $59,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Hawaiian Bank bought a new stake in Mercury General during the 4th quarter valued at approximately $38,000. Advisor Group Inc. boosted its holdings in Mercury General by 28.3% during the 4th quarter. Advisor Group Inc. now owns 1,594 shares of the insurance provider’s stock valued at $83,000 after acquiring an additional 352 shares during the period. BlueMountain Capital Management LLC purchased a new position in Mercury General during the 3rd quarter valued at $134,000. Flagship Harbor Advisors LLC boosted its holdings in Mercury General by 25.7% during the 1st quarter. Flagship Harbor Advisors LLC now owns 3,055 shares of the insurance provider’s stock valued at $152,000 after acquiring an additional 624 shares during the period. Finally, Ibex Investors LLC purchased a new position in Mercury General during the 4th quarter valued at $213,000. 47.95% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on the company. Zacks Investment Research cut Mercury General from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. ValuEngine cut Mercury General from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Finally, TheStreet upgraded Mercury General from a “c” rating to a “b” rating in a report on Tuesday, April 30th.
MCY traded up $0.05 during trading hours on Wednesday, reaching $56.88. 128,300 shares of the company’s stock traded hands, compared to its average volume of 392,010. Mercury General Co. has a 52-week low of $43.46 and a 52-week high of $61.83. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.08 billion, a P/E ratio of 31.60, a PEG ratio of 0.42 and a beta of 0.26.
Mercury General (NYSE:MCY) last issued its earnings results on Monday, April 29th. The insurance provider reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.10. The business had revenue of $919.50 million during the quarter, compared to analyst estimates of $917.25 million. Mercury General had a return on equity of 8.50% and a net margin of 4.78%. Mercury General’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 EPS. Equities analysts anticipate that Mercury General Co. will post 3.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th will be given a dividend of $0.6275 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This is a positive change from Mercury General’s previous quarterly dividend of $0.63. This represents a $2.51 dividend on an annualized basis and a yield of 4.41%. Mercury General’s payout ratio is 139.44%.
In other news, Director George Gwyer Braunegg bought 500 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average cost of $50.86 per share, with a total value of $25,430.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 34.20% of the company’s stock.
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.
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