First Trust Advisors LP Has $19.94 Million Holdings in Mercury General Corporation (MCY)
First Trust Advisors LP reduced its stake in Mercury General Corporation (NYSE:MCY) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 351,696 shares of the insurance provider’s stock after selling 12,021 shares during the quarter. First Trust Advisors LP owned 0.64% of Mercury General Corporation worth $19,938,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers purchased a new position in shares of Mercury General Corporation in the 2nd quarter valued at approximately $263,000. Nomura Holdings Inc. purchased a new stake in shares of Mercury General Corporation in the second quarter valued at $277,000. US Bancorp DE lifted its holdings in shares of Mercury General Corporation by 1.4% in the second quarter. US Bancorp DE now owns 5,850 shares of the insurance provider’s stock valued at $316,000 after purchasing an additional 81 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Mercury General Corporation by 9.1% in the second quarter. Goldman Sachs Group Inc. now owns 598,608 shares of the insurance provider’s stock valued at $32,324,000 after purchasing an additional 49,817 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Mercury General Corporation by 48.9% in the first quarter. Legal & General Group Plc now owns 36,312 shares of the insurance provider’s stock valued at $2,214,000 after purchasing an additional 11,923 shares in the last quarter. Institutional investors own 46.94% of the company’s stock.
A number of analysts have recently issued reports on MCY shares. BidaskClub lowered Mercury General Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Zacks Investment Research upgraded Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 target price for the company in a report on Wednesday, August 2nd. Finally, TheStreet lowered Mercury General Corporation from a “b” rating to a “c+” rating in a report on Monday, October 30th.
Shares of Mercury General Corporation (NYSE MCY) opened at $55.46 on Friday. The firm has a market cap of $3,068.71, a PE ratio of 26.92, a price-to-earnings-growth ratio of 1.13 and a beta of 0.53. The company has a quick ratio of 0.42, a current ratio of 0.46 and a debt-to-equity ratio of 0.21.
Mercury General Corporation (NYSE:MCY) last released its earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.18. The company had revenue of $827.42 million during the quarter, compared to analyst estimates of $835.00 million. Mercury General Corporation had a return on equity of 6.47% and a net margin of 3.00%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. sell-side analysts forecast that Mercury General Corporation will post 1.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a $0.625 dividend. The ex-dividend date is Wednesday, December 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.51%. This is a positive change from Mercury General Corporation’s previous quarterly dividend of $0.62. Mercury General Corporation’s dividend payout ratio is presently 139.11%.
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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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