Credit Suisse AG Lowers Position in Mercury General Corporation (MCY)
Credit Suisse AG lowered its stake in shares of Mercury General Corporation (NYSE:MCY) by 56.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,935 shares of the insurance provider’s stock after selling 31,860 shares during the period. Credit Suisse AG’s holdings in Mercury General Corporation were worth $1,521,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State Treasurer State of Michigan boosted its position in shares of Mercury General Corporation by 0.7% in the first quarter. State Treasurer State of Michigan now owns 14,800 shares of the insurance provider’s stock valued at $903,000 after buying an additional 100 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Mercury General Corporation by 3.5% in the first quarter. Great West Life Assurance Co. Can now owns 20,268 shares of the insurance provider’s stock worth $1,235,000 after buying an additional 679 shares during the period. Wells Fargo & Company MN raised its position in Mercury General Corporation by 0.8% in the first quarter. Wells Fargo & Company MN now owns 270,016 shares of the insurance provider’s stock worth $16,469,000 after buying an additional 2,120 shares during the period. Oregon Public Employees Retirement Fund raised its position in Mercury General Corporation by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,595 shares of the insurance provider’s stock worth $768,000 after buying an additional 200 shares during the period. Finally, ProShare Advisors LLC raised its position in Mercury General Corporation by 17.0% in the first quarter. ProShare Advisors LLC now owns 154,899 shares of the insurance provider’s stock worth $9,447,000 after buying an additional 22,491 shares during the period. 46.47% of the stock is owned by institutional investors and hedge funds.
Mercury General Corporation (NYSE:MCY) traded down 0.788% during trading on Tuesday, hitting $58.535. The company had a trading volume of 10,372 shares. Mercury General Corporation has a 12-month low of $50.32 and a 12-month high of $64.52. The firm has a 50-day moving average of $55.75 and a 200 day moving average of $57.45. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 40.934 and a beta of 0.50.
Mercury General Corporation (NYSE:MCY) last announced its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.18. Mercury General Corporation had a return on equity of 6.66% and a net margin of 2.45%. The business had revenue of $852.80 million during the quarter, compared to analysts’ expectations of $815.85 million. During the same period in the previous year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was down .6% compared to the same quarter last year. On average, equities research analysts forecast that Mercury General Corporation will post $1.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be paid a dividend of $0.6225 per share. The ex-dividend date is Wednesday, September 13th. This represents a $2.49 dividend on an annualized basis and a dividend yield of 4.22%. Mercury General Corporation’s dividend payout ratio (DPR) is presently 172.92%.
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A number of research firms recently weighed in on MCY. BidaskClub upgraded Mercury General Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target for the company in a research report on Wednesday, August 2nd.
In related news, VP Randall R. Petro sold 1,672 shares of Mercury General Corporation stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $55.52, for a total transaction of $92,829.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gabriel Tirador sold 2,355 shares of Mercury General Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $59.00, for a total value of $138,945.00. Following the sale, the chief executive officer now directly owns 36,239 shares of the company’s stock, valued at $2,138,101. The disclosure for this sale can be found here. 34.30% of the stock is owned by insiders.
About Mercury General Corporation
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
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