Mercury General (NYSE:MCY) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of Mercury General (NYSE:MCY) from a strong-buy rating to a buy rating in a report released on Thursday.

Mercury General Stock Up 0.6 %

NYSE:MCY opened at $78.85 on Thursday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The stock has a 50 day moving average of $68.41 and a 200-day moving average of $61.24. The firm has a market capitalization of $4.37 billion, a PE ratio of 7.81 and a beta of 0.81. Mercury General has a 52 week low of $36.37 and a 52 week high of $79.76.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.37 billion. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. During the same period in the prior year, the business earned $1.14 EPS. Analysts predict that Mercury General will post 6.35 EPS for the current year.

Mercury General Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be paid a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Thursday, December 12th. Mercury General’s payout ratio is 12.59%.

Institutional Trading of Mercury General

Institutional investors have recently made changes to their positions in the stock. CWM LLC increased its stake in shares of Mercury General by 962.3% during the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 510 shares during the period. National Bank of Canada FI acquired a new position in shares of Mercury General during the 2nd quarter valued at $32,000. Allworth Financial LP increased its position in shares of Mercury General by 1,190.5% during the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 500 shares during the period. Blue Trust Inc. lifted its holdings in shares of Mercury General by 8,262.5% in the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock valued at $35,000 after buying an additional 661 shares during the period. Finally, FSC Wealth Advisors LLC bought a new position in Mercury General during the second quarter valued at about $64,000. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Company Profile

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.