SG Americas Securities LLC Sells 11,607 Shares of Mercury General Co. (NYSE:MCY)

SG Americas Securities LLC cut its stake in Mercury General Co. (NYSE:MCY) by 75.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,735 shares of the insurance provider’s stock after selling 11,607 shares during the period. SG Americas Securities LLC’s holdings in Mercury General were worth $139,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MCY. Fairfield Bush & CO. acquired a new position in shares of Mercury General in the 1st quarter worth approximately $33,000. JPMorgan Chase & Co. increased its holdings in Mercury General by 7.1% during the 1st quarter. JPMorgan Chase & Co. now owns 50,161 shares of the insurance provider’s stock valued at $2,759,000 after purchasing an additional 3,341 shares in the last quarter. Raymond James & Associates increased its holdings in Mercury General by 57.1% during the 1st quarter. Raymond James & Associates now owns 21,367 shares of the insurance provider’s stock valued at $1,175,000 after purchasing an additional 7,763 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Mercury General by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 600,519 shares of the insurance provider’s stock valued at $33,028,000 after purchasing an additional 10,059 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Mercury General by 15.0% during the 1st quarter. US Bancorp DE now owns 3,077 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 401 shares in the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Up 2.6 %

NYSE MCY opened at $53.37 on Wednesday. Mercury General Co. has a 52 week low of $26.15 and a 52 week high of $53.54. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $2.96 billion, a P/E ratio of 30.67 and a beta of 0.80. The stock has a fifty day moving average of $48.58 and a 200-day moving average of $40.49.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $1.10. Mercury General had a return on equity of 1.17% and a net margin of 2.08%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.16 billion. On average, equities research analysts forecast that Mercury General Co. will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Wednesday, March 13th were given a $0.317 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $1.27 annualized dividend and a dividend yield of 2.38%. Mercury General’s dividend payout ratio is currently 72.99%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 15th.

About Mercury General

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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.