CIBC Asset Management Inc Takes $471,000 Position in Mercury General Corporation $MCY

CIBC Asset Management Inc purchased a new stake in shares of Mercury General Corporation (NYSE:MCY) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 5,009 shares of the insurance provider’s stock, valued at approximately $471,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in shares of Mercury General by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,079,735 shares of the insurance provider’s stock valued at $176,311,000 after acquiring an additional 9,278 shares during the period. Rubric Capital Management LP lifted its position in shares of Mercury General by 12.8% during the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider’s stock valued at $138,350,000 after acquiring an additional 232,721 shares during the period. American Century Companies Inc. lifted its position in shares of Mercury General by 22.9% during the 3rd quarter. American Century Companies Inc. now owns 578,671 shares of the insurance provider’s stock valued at $49,060,000 after acquiring an additional 107,766 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Mercury General by 3.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 390,810 shares of the insurance provider’s stock worth $33,133,000 after purchasing an additional 13,701 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Mercury General by 1.9% during the 2nd quarter. AQR Capital Management LLC now owns 346,343 shares of the insurance provider’s stock worth $22,917,000 after purchasing an additional 6,314 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Trading Up 0.0%

Shares of Mercury General stock opened at $101.04 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.44 and a quick ratio of 0.44. Mercury General Corporation has a 1 year low of $62.25 and a 1 year high of $103.86. The company has a market capitalization of $5.60 billion, a P/E ratio of 6.66 and a beta of 0.91. The business has a 50 day moving average price of $96.54 and a 200 day moving average price of $92.68.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $1.35. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. Sell-side analysts anticipate that Mercury General Corporation will post 11.38 EPS for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be issued a $0.3175 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.27 annualized dividend and a yield of 1.3%. Mercury General’s payout ratio is 8.37%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a research report on Thursday, June 4th. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 31st. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus target price 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.