Zacks: Mercury General Corp. (NYSE:MCY) Receives Average Recommendation of “Hold” from Analysts
Mercury General Corp. (NYSE:MCY) has received a consensus broker rating score of 3.33 (Hold) from the three brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a sell rating and two have issued a hold rating on the company.
Brokers have set a 12 month consensus price target of $46.50 for the company and are predicting that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also given Mercury General Corp. an industry rank of 188 out of 265 based on the ratings given to related companies.
Several analysts recently commented on MCY shares. Zacks Investment Research downgraded shares of Mercury General Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 9th. Compass Point dropped their price target on shares of Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday, August 2nd.
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Several institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in shares of Mercury General Corp. by 1.0% in the first quarter. BlackRock Fund Advisors now owns 4,564,364 shares of the company’s stock valued at $253,322,000 after buying an additional 44,138 shares during the period. State Street Corp boosted its position in shares of Mercury General Corp. by 7.2% in the first quarter. State Street Corp now owns 2,355,241 shares of the company’s stock valued at $130,714,000 after buying an additional 158,376 shares during the period. Vanguard Group Inc. boosted its position in shares of Mercury General Corp. by 4.3% in the second quarter. Vanguard Group Inc. now owns 2,162,260 shares of the company’s stock valued at $114,946,000 after buying an additional 90,104 shares during the period. Capital International Investors boosted its position in shares of Mercury General Corp. by 0.8% in the second quarter. Capital International Investors now owns 1,881,010 shares of the company’s stock valued at $99,994,000 after buying an additional 14,500 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Mercury General Corp. by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,170,549 shares of the company’s stock valued at $62,222,000 after buying an additional 40,888 shares during the period. Hedge funds and other institutional investors own 43.55% of the company’s stock.
Shares of Mercury General Corp. (NYSE:MCY) traded up 1.28% during trading on Wednesday, reaching $54.75. 35,526 shares of the company traded hands. Mercury General Corp. has a 52 week low of $42.97 and a 52 week high of $56.14. The company has a market capitalization of $3.03 billion, a P/E ratio of 27.25 and a beta of 0.51. The company’s 50-day moving average price is $53.45 and its 200-day moving average price is $53.35.
Mercury General Corp. (NYSE:MCY) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by $0.24. Mercury General Corp. had a net margin of 3.44% and a return on equity of 4.81%. The firm had revenue of $858 million for the quarter, compared to analysts’ expectations of $811.11 million. During the same period last year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities research analysts forecast that Mercury General Corp. will post $1.53 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date is Tuesday, September 13th. Mercury General Corp.’s payout ratio is presently 124.00%.
About Mercury General Corp.
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.
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