Mercury General Corporation (MCY) Shares Sold by Rhumbline Advisers
Rhumbline Advisers decreased its stake in Mercury General Corporation (NYSE:MCY) by 13.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,466 shares of the insurance provider’s stock after selling 9,174 shares during the quarter. Rhumbline Advisers owned approximately 0.11% of Mercury General Corporation worth $3,157,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in MCY. Teachers Advisors LLC grew its position in shares of Mercury General Corporation by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 30,515 shares of the insurance provider’s stock valued at $1,837,000 after purchasing an additional 1,303 shares during the period. Capstone Asset Management Co. boosted its position in Mercury General Corporation by 8.3% during the first quarter. Capstone Asset Management Co. now owns 4,816 shares of the insurance provider’s stock worth $294,000 after acquiring an additional 370 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Mercury General Corporation by 2.2% during the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the insurance provider’s stock worth $561,000 after acquiring an additional 200 shares during the last quarter. Nationwide Fund Advisors boosted its position in Mercury General Corporation by 5.7% during the first quarter. Nationwide Fund Advisors now owns 60,699 shares of the insurance provider’s stock worth $3,702,000 after acquiring an additional 3,291 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Mercury General Corporation by 1.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 12,595 shares of the insurance provider’s stock worth $768,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 47.04% of the company’s stock.
A number of research firms recently weighed in on MCY. BidaskClub upgraded shares of Mercury General Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target on the stock in a research report on Wednesday, August 2nd.
Mercury General Corporation (NYSE:MCY) opened at 57.11 on Friday. The firm’s 50-day moving average is $57.55 and its 200-day moving average is $57.18. Mercury General Corporation has a 52 week low of $50.32 and a 52 week high of $64.52. The stock has a market capitalization of $3.16 billion, a P/E ratio of 39.94 and a beta of 0.50.
Mercury General Corporation (NYSE:MCY) last released its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.18. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The company had revenue of $852.80 million for the quarter, compared to analysts’ expectations of $815.85 million. During the same period last year, the company earned $0.88 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities research analysts predict that Mercury General Corporation will post $2.03 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be given a $0.6225 dividend. The ex-dividend date is Wednesday, September 13th. This represents a $2.49 annualized dividend and a dividend yield of 4.36%. Mercury General Corporation’s dividend payout ratio is presently 172.92%.
In related news, VP Randall R. Petro sold 1,672 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.52, for a total value of $92,829.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gabriel Tirador sold 2,355 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the completion of the transaction, the chief executive officer now owns 36,239 shares in the company, valued at approximately $2,138,101. The disclosure for this sale can be found here. 34.30% of the stock is currently owned by company insiders.
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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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