Counterpoint Mutual Funds LLC Purchases Shares of 39,999 Mercury General Corporation $MCY

Counterpoint Mutual Funds LLC purchased a new stake in shares of Mercury General Corporation (NYSE:MCY) in the 2nd quarter, Holdings Channel reports. The fund purchased 39,999 shares of the insurance provider’s stock, valued at approximately $2,694,000. Mercury General accounts for about 0.2% of Counterpoint Mutual Funds LLC’s holdings, making the stock its 10th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in Mercury General during the 1st quarter valued at $384,000. Convergence Financial LLC acquired a new stake in Mercury General during the 1st quarter valued at $232,000. Dimensional Fund Advisors LP lifted its holdings in shares of Mercury General by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,105,976 shares of the insurance provider’s stock worth $117,723,000 after buying an additional 49,155 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Mercury General by 12.7% during the first quarter. Baird Financial Group Inc. now owns 168,626 shares of the insurance provider’s stock worth $9,426,000 after buying an additional 18,948 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Mercury General during the first quarter worth $205,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCY. Raymond James Financial reissued a “strong-buy” rating and set a $100.00 target price (up previously from $90.00) on shares of Mercury General in a report on Monday. Wall Street Zen raised Mercury General from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Mercury General currently has an average rating of “Strong Buy” and a consensus target price of $100.00.

Mercury General Stock Performance

NYSE:MCY opened at $82.06 on Tuesday. The stock has a market cap of $4.55 billion, a P/E ratio of 11.66 and a beta of 0.98. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average is $74.09 and its 200-day moving average is $64.59. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $82.48.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $2.77. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Mercury General had a return on equity of 16.61% and a net margin of 6.76%. Equities research analysts anticipate that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Thursday, September 11th. Mercury General’s payout ratio is 18.04%.

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.