Mercury General (NYSE:MCY) Announces Earnings Results

Mercury General (NYSE:MCY) issued its quarterly earnings results on Tuesday. The insurance provider reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.99, FiscalAI reports. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%.

Mercury General Stock Down 0.9%

Shares of MCY traded down $0.98 during trading hours on Tuesday, reaching $106.28. The stock had a trading volume of 471,925 shares, compared to its average volume of 269,783. The firm has a 50-day simple moving average of $104.71 and a 200 day simple moving average of $96.58. Mercury General has a 12 month low of $69.82 and a 12 month high of $113.06. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 7.01 and a beta of 0.90.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new stake in Mercury General in the 4th quarter valued at $206,000. VARCOV Co. bought a new stake in shares of Mercury General in the 4th quarter worth $299,000. Brooklyn Investment Group purchased a new stake in shares of Mercury General in the fourth quarter valued at about $222,000. Vise Technologies Inc. purchased a new stake in shares of Mercury General in the fourth quarter valued at about $262,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Mercury General during the third quarter valued at about $243,000. 42.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MCY has been the subject of several recent analyst reports. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Zacks Research downgraded shares of Mercury General from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. One 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 company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $100.00.

About Mercury General

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.