Mike Curtius Sells 1,500 Shares of Mercury General Corp. (MCY) Stock
Mercury General Corp. (NYSE:MCY) Director Mike Curtius sold 1,500 shares of the company’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $56.29, for a total value of $84,435.00. Following the transaction, the director now directly owns 18,584 shares of the company’s stock, valued at $1,046,093.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Mercury General Corp. (NYSE:MCY) opened at 57.28 on Monday. Mercury General Corp. has a 12 month low of $42.97 and a 12 month high of $57.94. The firm has a market capitalization of $3.17 billion, a PE ratio of 25.92 and a beta of 0.41. The company’s 50-day moving average price is $54.20 and its 200 day moving average price is $53.40.
Mercury General Corp. (NYSE:MCY) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.10. Mercury General Corp. had a return on equity of 5.07% and a net margin of 3.74%. The firm earned $808.20 million during the quarter, compared to analyst estimates of $785.88 million. During the same period last year, the company posted $0.59 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Mercury General Corp. will post $1.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be given a $0.6225 dividend. The ex-dividend date is Tuesday, December 13th. This is a positive change from Mercury General Corp.’s previous quarterly dividend of $0.62. This represents a $2.49 annualized dividend and a dividend yield of 4.35%. Mercury General Corp.’s dividend payout ratio (DPR) is 112.22%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in 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 period. Vanguard Group Inc. raised its position in 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 period. Capital International Investors raised its position in 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 period. Dimensional Fund Advisors LP raised its position in 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 period. Finally, Bank of New York Mellon Corp raised its position in Mercury General Corp. by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 427,081 shares of the company’s stock valued at $23,427,000 after buying an additional 6,541 shares during the period. 43.82% of the stock is owned by hedge funds and other institutional investors.
MCY has been the subject of several recent research reports. Zacks Investment Research cut Mercury General Corp. from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 20th. Compass Point reduced their price target on Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Tuesday, August 2nd.
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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