Mercury General (NYSE:MCY) Shares Cross Above 200 Day Moving Average – What’s Next?

Mercury General Corporation (NYSE:MCY)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $95.59 and traded as high as $104.97. Mercury General shares last traded at $102.6740, with a volume of 348,065 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Zacks Research lowered Mercury General from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercury General in a research report on Thursday, June 4th. Finally, Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $100.00.

Mercury General Trading Up 1.4%

The firm has a 50-day moving average of $103.76 and a 200 day moving average of $95.68. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of 7.05 and a beta of 0.89.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $1.35. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. As a group, equities analysts predict that Mercury General Corporation will post 11.5 EPS for the current fiscal year.

Mercury General Dividend Announcement

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

Institutional Investors Weigh In On Mercury General

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCY. Cetera Investment Advisers increased its position in shares of Mercury General by 2.2% during the 1st quarter. Cetera Investment Advisers now owns 5,284 shares of the insurance provider’s stock valued at $466,000 after purchasing an additional 112 shares during the period. Allworth Financial LP grew its holdings in Mercury General by 18.6% during the third quarter. Allworth Financial LP now owns 753 shares of the insurance provider’s stock worth $64,000 after acquiring an additional 118 shares during the period. GAMMA Investing LLC raised its position in Mercury General by 19.2% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the insurance provider’s stock worth $71,000 after acquiring an additional 121 shares in the last quarter. Hilton Head Capital Partners LLC lifted its holdings in Mercury General by 32.6% in the 1st quarter. Hilton Head Capital Partners LLC now owns 541 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 133 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Mercury General by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 5,230 shares of the insurance provider’s stock valued at $492,000 after purchasing an additional 164 shares in the last quarter. Institutional investors own 42.39% of the company’s stock.

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.