Mercury General Corp. (MCY) Upgraded by Zacks Investment Research to Hold
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Separately, Compass Point decreased their target price on Mercury General Corp. from $55.00 to $51.00 and set a neutral rating for the company in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $51.33.
Shares of Mercury General Corp. (NYSE:MCY) traded down 0.89% during trading on Wednesday, reaching $53.57. 14,999 shares of the company were exchanged. The firm’s 50 day moving average is $54.07 and its 200 day moving average is $53.43. The firm has a market capitalization of $2.96 billion, a P/E ratio of 26.67 and a beta of 0.53. Mercury General Corp. has a 1-year low of $42.97 and a 1-year high of $56.14.
Mercury General Corp. (NYSE:MCY) last released its earnings results on Monday, August 1st. The company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.24. Mercury General Corp. had a return on equity of 4.81% and a net margin of 3.44%. The firm had revenue of $858 million for the quarter, compared to analyst estimates of $811.11 million. During the same period last year, the firm earned $0.64 EPS. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities analysts anticipate that Mercury General Corp. will post $1.53 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Tuesday, September 13th. Mercury General Corp.’s payout ratio is 124.00%.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors boosted its stake in shares of Mercury General Corp. by 1.0% in the first quarter. BlackRock Fund Advisors now owns 4,564,364 shares of the company’s stock valued at $253,322,000 after buying an additional 44,138 shares during the last quarter. State Street Corp boosted its stake in shares of Mercury General Corp. by 7.2% in the first quarter. State Street Corp now owns 2,355,241 shares of the company’s stock valued at $130,714,000 after buying an additional 158,376 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Mercury General Corp. by 4.3% in the second quarter. Vanguard Group Inc. now owns 2,162,260 shares of the company’s stock valued at $114,946,000 after buying an additional 90,104 shares during the last quarter. Capital International Investors boosted its stake in shares of Mercury General Corp. by 0.8% in the second quarter. Capital International Investors now owns 1,881,010 shares of the company’s stock valued at $99,994,000 after buying an additional 14,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Mercury General Corp. by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,170,549 shares of the company’s stock valued at $62,222,000 after buying an additional 40,888 shares during the last quarter. Hedge funds and other institutional investors own 43.55% of the company’s stock.
About Mercury General Corp.
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.
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