Mercury General’s (MCY) Buy (B-) Rating Reiterated at Weiss Ratings

Mercury General (NYSE:MCY)‘s stock had its “buy (b-)” rating reissued by investment analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of Mercury General from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Raymond James Financial reiterated a “strong-buy” rating and set a $100.00 price target (up from $90.00) on shares of Mercury General in a research note on Monday, September 22nd. Finally, Zacks Research lowered shares of Mercury General from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $100.00.

Mercury General Trading Down 0.5%

NYSE MCY opened at $85.15 on Wednesday. The firm’s 50-day moving average is $77.72 and its two-hundred day moving average is $66.80. Mercury General has a 12 month low of $44.19 and a 12 month high of $87.67. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $4.72 billion, a P/E ratio of 12.10 and a beta of 0.98.

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

Institutional Trading of Mercury General

A number of large investors have recently made changes to their positions in MCY. GAMMA Investing LLC increased its stake in shares of Mercury General by 4,933.6% during the first quarter. GAMMA Investing LLC now owns 31,863 shares of the insurance provider’s stock worth $1,781,000 after buying an additional 31,230 shares during the period. Pallas Capital Advisors LLC purchased a new stake in shares of Mercury General during the first quarter worth approximately $227,000. SG Americas Securities LLC increased its stake in Mercury General by 62.2% in the first quarter. SG Americas Securities LLC now owns 13,348 shares of the insurance provider’s stock valued at $746,000 after purchasing an additional 5,118 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Mercury General in the first quarter valued at approximately $53,535,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Mercury General in the first quarter valued at approximately $384,000. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

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.