Assenagon Asset Management S.A. Has $7.06 Million Stock Holdings in Mercury General Corporation $MCY

Assenagon Asset Management S.A. boosted its stake in Mercury General Corporation (NYSE:MCY) by 23.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,077 shares of the insurance provider’s stock after purchasing an additional 14,953 shares during the period. Assenagon Asset Management S.A.’s holdings in Mercury General were worth $7,059,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Mercury General by 58.8% during the first quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock worth $3,036,000 after buying an additional 20,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mercury General by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after acquiring an additional 702 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Mercury General by 8.5% during the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock valued at $6,223,000 after acquiring an additional 8,742 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Mercury General by 1.7% during the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock valued at $611,000 after acquiring an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Mercury General by 194.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock worth $81,000 after acquiring an additional 798 shares during the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Down 0.4%

Shares of NYSE:MCY opened at $107.06 on Monday. The firm has a market cap of $5.93 billion, a P/E ratio of 7.06 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.22. Mercury General Corporation has a 12-month low of $64.21 and a 12-month high of $107.95. The business has a fifty day simple moving average of $99.74 and a 200 day simple moving average of $93.73.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $1.35. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. Analysts predict that Mercury General Corporation will post 11.38 earnings per share for the current year.

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were issued a $0.3175 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.27 annualized dividend and a yield of 1.2%. Mercury General’s dividend payout ratio is presently 8.37%.

Analyst Ratings Changes

A number of brokerages have issued reports on MCY. Wall Street Zen cut Mercury General from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Finally, Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, Mercury General 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.