Assenagon Asset Management S.A. Has $6.13 Million Position in Mercury General Corporation $MCY

Assenagon Asset Management S.A. lifted its stake in Mercury General Corporation (NYSE:MCY) by 75.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,124 shares of the insurance provider’s stock after purchasing an additional 28,071 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Mercury General were worth $6,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of MCY. GAMMA Investing LLC grew its position in Mercury General by 19.2% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the insurance provider’s stock worth $71,000 after acquiring an additional 121 shares in the last quarter. Allworth Financial LP increased its stake in shares of Mercury General by 18.6% during the 3rd quarter. Allworth Financial LP now owns 753 shares of the insurance provider’s stock worth $64,000 after purchasing an additional 118 shares during the last quarter. Cambria Investment Management L.P. raised its holdings in shares of Mercury General by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 9,952 shares of the insurance provider’s stock valued at $844,000 after purchasing an additional 1,989 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Mercury General during the 3rd quarter valued at $243,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Mercury General in the 3rd quarter valued at $115,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Down 2.7%

Shares of MCY stock opened at $85.98 on Friday. Mercury General Corporation has a 12 month low of $47.06 and a 12 month high of $100.06. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.24. The firm has a market cap of $4.76 billion, a PE ratio of 8.80 and a beta of 0.92. The stock has a 50 day moving average of $89.39 and a 200-day moving average of $87.43.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, February 17th. The insurance provider reported $3.66 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $1.10. Mercury General had a net margin of 9.03% and a return on equity of 20.74%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, equities analysts predict that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Thursday, March 12th were given a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Thursday, March 12th. Mercury General’s dividend payout ratio (DPR) is 13.00%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Zacks Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat.com, Mercury General presently has a consensus rating of “Strong Buy” and an average price target of $100.00.

Mercury General Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.