Mercury General Corporation $MCY Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC grew its stake in shares of Mercury General Corporation (NYSE:MCY) by 44.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,561 shares of the insurance provider’s stock after buying an additional 8,211 shares during the quarter. Hsbc Holdings PLC’s holdings in Mercury General were worth $2,360,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MCY. Financial Management Professionals Inc. bought a new stake in Mercury General during the fourth quarter worth approximately $25,000. Hilton Head Capital Partners LLC acquired a new position in shares of Mercury General during the 4th quarter valued at $38,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Mercury General in the 4th quarter worth $40,000. IFP Advisors Inc raised its stake in shares of Mercury General by 79.4% in the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider’s stock worth $48,000 after buying an additional 224 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Mercury General by 18.6% in the third quarter. Allworth Financial LP now owns 753 shares of the insurance provider’s stock valued at $64,000 after buying an additional 118 shares during the period. 42.39% of the stock is currently owned by institutional investors.

Mercury General Price Performance

NYSE MCY opened at $106.97 on Friday. Mercury General Corporation has a 1 year low of $66.57 and a 1 year high of $113.06. The business’s fifty day moving average is $103.94 and its two-hundred day moving average is $95.76. The stock has a market capitalization of $5.92 billion, a P/E ratio of 7.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.44 and a current ratio of 0.44.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share for the quarter, topping the consensus estimate of $2.15 by $1.35. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. On average, research analysts forecast that Mercury General Corporation will post 11.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were given a $0.3175 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. Mercury General’s dividend payout ratio (DPR) is 8.37%.

Analysts Set New Price Targets

Several research analysts recently weighed in on MCY shares. Zacks Research cut Mercury General from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $100.00.

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.