Mercury General Corp. Rating Lowered to Underperform at Zacks (MCY)
Mercury General Corp. (NYSE:MCY) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Monday, AmericanBankingNews.com reports. They currently have a $44.50 target price on the stock. Zacks‘ price target indicates a potential downside of 4.30% from the stock’s previous close.
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, October 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.17.
In other Mercury General Corp. news, CFO Theodore R. Stalick unloaded 3,750 shares of Mercury General Corp. stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $46.57, for a total value of $174,637.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Mercury General Corp. (NYSE:MCY) traded up 0.32% on Monday, hitting $46.65. The stock had a trading volume of 47,020 shares. Mercury General Corp. has a one year low of $36.03 and a one year high of $51.00. The stock has a 50-day moving average of $48.38 and a 200-day moving average of $45.2. The company has a market cap of $2.564 billion and a P/E ratio of 32.27.
Mercury General Corp. (NYSE:MCY) last issued its quarterly 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 last year, the company posted $0.62 earnings per share. Mercury General Corp.’s revenue was up 2.9% compared to the same quarter last year. Analysts expect that Mercury General Corp. will post $2.37 EPS 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 5.29%. The ex-dividend date is Tuesday, December 10th. This is an increase from Mercury General Corp.’s previous quarterly dividend of $0.61.
Mercury General Corporation (NYSE:MCY) is an insurance holding company.
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