The Manufacturers Life Insurance Company Makes New $1.63 Million Investment in Mercury General Corporation $MCY

The Manufacturers Life Insurance Company acquired a new position in shares of Mercury General Corporation (NYSE:MCY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 15,322 shares of the insurance provider’s stock, valued at approximately $1,634,000.

Several other large investors have also modified their holdings of the stock. Allworth Financial LP purchased a new position in shares of Mercury General in the 2nd quarter valued at $35,000. Hilton Head Capital Partners LLC purchased a new stake in Mercury General in the fourth quarter valued at $38,000. Mcguire Capital Advisors Inc. purchased a new stake in Mercury General in the fourth quarter valued at $40,000. IFP Advisors Inc boosted its stake in Mercury General by 79.4% in the fourth quarter. IFP Advisors Inc now owns 506 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 224 shares in the last quarter. Finally, State of Wyoming acquired a new position in Mercury General in the second quarter valued at $78,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Up 3.0%

Shares of NYSE:MCY opened at $105.95 on Friday. The stock has a market cap of $5.87 billion, a P/E ratio of 6.26 and a beta of 0.90. The firm has a fifty day moving average price of $106.63 and a 200 day moving average price of $99.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. Mercury General Corporation has a 1-year low of $74.29 and a 1-year high of $113.06.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.52 billion. Sell-side analysts predict that Mercury General Corporation will post 12.75 EPS for the current year.

Mercury General Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, September 10th. Mercury General’s payout ratio is 7.51%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercury General in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Strong Buy” and an average price target of $100.00.

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.