Bank of New York Mellon Corp boosted its stake in Mercury General Co. (NYSE:MCY) by 4.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 537,048 shares of the insurance provider’s stock after buying an additional 24,606 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.97% of Mercury General worth $24,469,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Wells Fargo & Company MN increased its stake in Mercury General by 9.1% during the 1st quarter. Wells Fargo & Company MN now owns 365,198 shares of the insurance provider’s stock valued at $16,751,000 after purchasing an additional 30,460 shares in the last quarter. SG Americas Securities LLC increased its stake in Mercury General by 41.1% during the 1st quarter. SG Americas Securities LLC now owns 20,400 shares of the insurance provider’s stock valued at $936,000 after purchasing an additional 5,939 shares in the last quarter. Mackay Shields LLC bought a new stake in Mercury General during the 1st quarter valued at $2,171,000. Victory Capital Management Inc. bought a new stake in Mercury General during the 1st quarter valued at $866,000. Finally, Prudential Financial Inc. increased its stake in Mercury General by 17.7% during the 1st quarter. Prudential Financial Inc. now owns 39,121 shares of the insurance provider’s stock valued at $1,794,000 after purchasing an additional 5,890 shares in the last quarter. 47.66% of the stock is currently owned by hedge funds and other institutional investors.
NYSE MCY opened at $52.98 on Friday. Mercury General Co. has a 1 year low of $41.40 and a 1 year high of $60.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market capitalization of $2.95 billion, a PE ratio of 32.38, a PEG ratio of 0.70 and a beta of 0.56.
Mercury General (NYSE:MCY) last posted its earnings results on Monday, July 30th. The insurance provider reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.33. Mercury General had a net margin of 2.48% and a return on equity of 5.44%. The firm had revenue of $871.10 million during the quarter, compared to analyst estimates of $849.56 million. During the same quarter in the prior year, the business posted $0.68 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. analysts forecast that Mercury General Co. will post 2.2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Thursday, September 13th will be paid a $0.625 dividend. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $2.50 annualized dividend and a dividend yield of 4.72%. Mercury General’s payout ratio is 152.44%.
A number of brokerages have commented on MCY. Keefe, Bruyette & Woods began coverage on shares of Mercury General in a research note on Tuesday, August 28th. They set a “buy” rating and a $64.00 price target for the company. TheStreet upgraded shares of Mercury General from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. Zacks Investment Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research note on Saturday, August 4th. Finally, ValuEngine upgraded shares of Mercury General from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st.
Mercury General Profile
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
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