First Trust Advisors LP Acquires 39,854 Shares of Mercury General Corp. (MCY)
First Trust Advisors LP raised its stake in shares of Mercury General Corp. (NYSE:MCY) by 18.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,821 shares of the company’s stock after buying an additional 39,854 shares during the period. First Trust Advisors LP owned about 0.46% of Mercury General Corp. worth $13,867,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of MCY. Sei Investments Co. raised its stake in Mercury General Corp. by 62.9% in the second quarter. Sei Investments Co. now owns 1,868 shares of the company’s stock valued at $100,000 after buying an additional 721 shares in the last quarter. Pinkerton Retirement Specialists LLC purchased a new position in Mercury General Corp. during the second quarter valued at approximately $108,000. Assetmark Inc. purchased a new position in Mercury General Corp. during the second quarter valued at approximately $114,000. Pacer Advisors Inc. purchased a new position in Mercury General Corp. during the second quarter valued at approximately $116,000. Finally, LS Investment Advisors LLC raised its position in Mercury General Corp. by 73.5% in the second quarter. LS Investment Advisors LLC now owns 2,198 shares of the company’s stock valued at $117,000 after buying an additional 931 shares during the period. Institutional investors and hedge funds own 43.76% of the company’s stock.
Shares of Mercury General Corp. (NYSE:MCY) traded up 0.46% on Tuesday, reaching $59.59. 29,486 shares of the company’s stock were exchanged. Mercury General Corp. has a one year low of $42.97 and a one year high of $59.84. The firm has a 50 day moving average of $55.34 and a 200 day moving average of $53.85. The firm has a market capitalization of $3.29 billion, a P/E ratio of 26.96 and a beta of 0.41.
Mercury General Corp. (NYSE:MCY) last announced its earnings results 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. The company earned $808.20 million during the quarter, compared to analyst estimates of $785.88 million. Mercury General Corp. had a net margin of 3.74% and a return on equity of 5.07%. Mercury General Corp.’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 earnings per share. On average, equities research analysts predict that Mercury General Corp. will post $1.71 EPS 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 paid a $0.6225 dividend. This is a positive change from Mercury General Corp.’s previous quarterly dividend of $0.62. The ex-dividend date is Tuesday, December 13th. This represents a $2.49 annualized dividend and a dividend yield of 4.20%. Mercury General Corp.’s dividend payout ratio (DPR) is presently 112.22%.
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Several research analysts recently commented on MCY shares. Zacks Investment Research upgraded shares of Mercury General Corp. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Compass Point reduced their price objective on shares of Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Tuesday, August 2nd.
In other news, Director Mike Curtius sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $56.29, for a total value of $84,435.00. Following the completion of the transaction, the director now owns 18,584 shares of the company’s stock, valued at $1,046,093.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 34.40% of the stock is currently owned by insiders.
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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