Mercury General Co. (MCY) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN grew its holdings in Mercury General Co. (NYSE:MCY) by 23.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 334,738 shares of the insurance provider’s stock after purchasing an additional 63,608 shares during the period. Wells Fargo & Company MN owned about 0.60% of Mercury General worth $17,889,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Massey Quick Simon & CO. LLC bought a new stake in shares of Mercury General in the 3rd quarter worth $108,000. Stifel Financial Corp bought a new stake in shares of Mercury General in the 3rd quarter worth $206,000. Private Advisor Group LLC bought a new stake in shares of Mercury General in the 3rd quarter worth $244,000. State of Alaska Department of Revenue increased its holdings in shares of Mercury General by 51.3% in the 4th quarter. State of Alaska Department of Revenue now owns 4,720 shares of the insurance provider’s stock worth $251,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Cigna Investments Inc. New bought a new stake in shares of Mercury General in the 4th quarter worth $262,000. 46.32% of the stock is owned by institutional investors and hedge funds.

Shares of Mercury General Co. (NYSE:MCY) opened at $46.83 on Monday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.21. Mercury General Co. has a fifty-two week low of $41.40 and a fifty-two week high of $63.23. The company has a market capitalization of $2,591.20, a price-to-earnings ratio of 17.87, a P/E/G ratio of 0.74 and a beta of 0.48.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Monday, February 5th. The insurance provider reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.18). Mercury General had a return on equity of 5.14% and a net margin of 4.24%. The firm had revenue of $779.20 million during the quarter, compared to the consensus estimate of $847.35 million. During the same period in the previous year, the firm earned $0.58 EPS. The business’s revenue was up 1.4% on a year-over-year basis. analysts forecast that Mercury General Co. will post 2.5 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 5.34%. The ex-dividend date is Wednesday, March 14th. Mercury General’s payout ratio is currently 95.42%.

Separately, Zacks Investment Research raised Mercury General from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Wednesday, November 29th.

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About Mercury General

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.

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Institutional Ownership by Quarter for Mercury General (NYSE:MCY)

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