Mercury General (NYSE:MCY) Announces Earnings Results, Beats Expectations By $1.10 EPS

Mercury General (NYSE:MCY) issued its quarterly earnings data on Tuesday. The insurance provider reported $3.66 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $1.10, FiscalAI reports. Mercury General had a net margin of 7.55% and a return on equity of 19.53%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.37 billion.

Mercury General Trading Up 3.0%

MCY stock traded up $2.84 during trading on Tuesday, hitting $96.31. The company had a trading volume of 391,606 shares, compared to its average volume of 234,706. Mercury General has a 52-week low of $47.06 and a 52-week high of $96.86. The company has a 50 day simple moving average of $91.33 and a 200-day simple moving average of $84.68. The firm has a market capitalization of $5.33 billion, a P/E ratio of 12.15 and a beta of 0.94. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.26.

Analysts Set New Price Targets

A number of brokerages recently commented on MCY. Zacks Research downgraded shares of Mercury General from a “strong-buy” rating to a “hold” rating in a report on Friday, January 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Mercury General has a consensus rating of “Buy” and an average target price of $100.00.

Institutional Trading of Mercury General

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in Mercury General by 194.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock worth $81,000 after purchasing an additional 798 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Mercury General in the 4th quarter worth $102,000. Advisory Services Network LLC bought a new position in shares of Mercury General during the 3rd quarter worth $115,000. Smartleaf Asset Management LLC grew its position in shares of Mercury General by 186.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,270 shares of the insurance provider’s stock worth $120,000 after buying an additional 827 shares in the last quarter. Finally, denkapparat Operations GmbH purchased a new position in shares of Mercury General during the fourth quarter valued at $204,000. Institutional investors own 42.39% of the company’s stock.

Mercury General Company Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.