Mercury General Corporation (MCY) Announces Earnings Results, Beats Estimates By $0.18 EPS
Mercury General Corporation (NYSE:MCY) announced its earnings results on Monday. The insurance provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.18, Bloomberg Earnings reports. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The business had revenue of $827.42 million during the quarter, compared to the consensus estimate of $835.00 million. During the same quarter last year, the firm earned $0.67 earnings per share. Mercury General Corporation’s quarterly revenue was up 2.4% on a year-over-year basis.
Shares of Mercury General Corporation (NYSE MCY) traded down 2.30% during trading on Tuesday, reaching $57.42. 78,999 shares of the company were exchanged. The stock has a market capitalization of $3.18 billion, a PE ratio of 40.15 and a beta of 0.50. Mercury General Corporation has a one year low of $50.32 and a one year high of $64.52. The stock has a 50-day moving average price of $56.61 and a 200-day moving average price of $56.48.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 4.25%. This is an increase from Mercury General Corporation’s previous quarterly dividend of $0.62. Mercury General Corporation’s dividend payout ratio (DPR) is currently 172.92%.
In other news, CEO Gabriel Tirador sold 2,355 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $59.00, for a total value of $138,945.00. Following the completion of the sale, the chief executive officer now directly owns 36,239 shares of the company’s stock, valued at approximately $2,138,101. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 34.30% of the company’s stock.
A number of equities analysts recently weighed in on MCY shares. Zacks Investment Research downgraded shares of Mercury General Corporation from a “buy” rating to a “sell” rating in a research note on Wednesday, October 4th. BidaskClub raised shares of Mercury General Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd.
About Mercury General Corporation
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
Receive News & Ratings for Mercury General Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercury General Corporation and related companies with MarketBeat.com's FREE daily email newsletter.