Mercury General (MCY) Issues Earnings Results, Misses Expectations By $1.00 EPS

Mercury General (NYSE:MCY) posted its quarterly earnings results on Monday. The insurance provider reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($1.00), MarketWatch Earnings reports. Mercury General had a net margin of 2.80% and a return on equity of 7.13%. The firm had revenue of $850.70 million for the quarter, compared to the consensus estimate of $832.44 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year.

MCY stock traded down $3.10 during trading on Monday, hitting $50.31. 9,632 shares of the stock traded hands, compared to its average volume of 636,814. Mercury General has a 1 year low of $42.30 and a 1 year high of $61.83. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 0.32 and a beta of 0.22. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.40 and a current ratio of 0.40.

A number of equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating and set a $70.00 price target for the company in a report on Thursday, November 1st. Keefe, Bruyette & Woods set a $69.00 price objective on shares of Mercury General and gave the company a “buy” rating in a research report on Monday, October 29th. Finally, ValuEngine downgraded shares of Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd.

A number of hedge funds have recently made changes to their positions in the stock. Man Group plc bought a new position in Mercury General during the 3rd quarter valued at about $8,441,000. Commonwealth Bank of Australia bought a new position in shares of Mercury General in the 3rd quarter worth approximately $195,000. Verition Fund Management LLC lifted its stake in shares of Mercury General by 191.6% in the 3rd quarter. Verition Fund Management LLC now owns 13,587 shares of the insurance provider’s stock worth $682,000 after purchasing an additional 8,927 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Mercury General in the 4th quarter worth approximately $289,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Mercury General by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock worth $24,469,000 after purchasing an additional 24,606 shares during the period. 48.91% of the stock is currently owned by institutional investors.

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Mercury General Company 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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Earnings History for Mercury General (NYSE:MCY)

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