Insider Selling: Theodore Stalick Unloads 3,750 Shares of Mercury General Corp. Stock (MCY)
Mercury General Corp. (NYSE:MCY) CFO Theodore Stalick unloaded 3,750 shares of the company’s stock on the open market in a transaction dated Thursday, October 31st. The shares were sold at an average price of $46.57, for a total value of $174,637.50. Following the transaction, the chief financial officer now directly owns 2,250 shares of the company’s stock, valued at approximately $104,783. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Mercury General Corp. (NYSE:MCY) traded down 0.56% on Friday, hitting $46.30. 64,458 shares of the company’s stock traded hands. Mercury General Corp. has a 52-week low of $36.03 and a 52-week high of $46.98. The stock’s 50-day moving average is $48.35 and its 200-day moving average is $45.24. The company has a market cap of $2.545 billion and a P/E ratio of 32.31.
Mercury General Corp. (NYSE:MCY) last released its earnings data on Monday, October 28th. The company reported $0.53 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.65 by $0.12. The company had revenue of $704.90 million for the quarter, compared to the consensus estimate of $710.70 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Mercury General Corp. will post $2.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, December 26th. Investors of record on Thursday, December 12th will be paid a dividend of $0.62 per share. This represents a $2.46 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Tuesday, December 10th. This is an increase from Mercury General Corp.’s previous quarterly dividend of $0.61.
Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Mercury General Corp. from $43.00 to $46.00 in a research note to investors on Tuesday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $44.00.
Mercury General Corporation (NYSE:MCY) is an insurance holding company.
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