Public Sector Pension Investment Board Purchases 13,208 Shares of Mercury General Corporation $MCY

Public Sector Pension Investment Board boosted its position in shares of Mercury General Corporation (NYSE:MCY) by 14.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 103,730 shares of the insurance provider’s stock after purchasing an additional 13,208 shares during the period. Public Sector Pension Investment Board’s holdings in Mercury General were worth $8,794,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Inspire Investing LLC increased its stake in shares of Mercury General by 223.6% in the 3rd quarter. Inspire Investing LLC now owns 18,820 shares of the insurance provider’s stock valued at $1,596,000 after purchasing an additional 13,004 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Mercury General by 16.1% during the 2nd quarter. American Century Companies Inc. now owns 470,905 shares of the insurance provider’s stock worth $31,711,000 after buying an additional 65,441 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Mercury General in the third quarter valued at about $3,141,000. Prudential Financial Inc. grew its position in Mercury General by 27.9% in the second quarter. Prudential Financial Inc. now owns 63,899 shares of the insurance provider’s stock valued at $4,303,000 after acquiring an additional 13,937 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Mercury General by 79.1% during the second quarter. JPMorgan Chase & Co. now owns 162,648 shares of the insurance provider’s stock worth $10,953,000 after acquiring an additional 71,844 shares in the last quarter. 42.39% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Mercury General Stock Performance

NYSE:MCY opened at $93.34 on Tuesday. The stock’s 50-day moving average is $91.33 and its 200-day moving average is $84.68. Mercury General Corporation has a 1-year low of $47.06 and a 1-year high of $96.50. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.17 billion, a P/E ratio of 11.77 and a beta of 0.94.

Mercury General 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.