Mercury General (NYSE:MCY) Issues Earnings Results

Mercury General (NYSE:MCY) posted its quarterly earnings data on Tuesday. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.99, FiscalAI reports. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.52 billion.

Mercury General Trading Up 1.8%

Shares of Mercury General stock traded up $1.92 during trading hours on Wednesday, hitting $108.52. The company’s stock had a trading volume of 129,984 shares, compared to its average volume of 268,762. The stock has a market cap of $6.01 billion, a price-to-earnings ratio of 7.15 and a beta of 0.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.44 and a current ratio of 0.44. Mercury General has a twelve month low of $69.82 and a twelve month high of $113.06. The firm has a fifty day moving average of $104.81 and a 200-day moving average of $96.69.

Mercury General Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $0.3175 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. Mercury General’s payout ratio is currently 8.37%.

Institutional Investors Weigh In On Mercury General

A number of institutional investors and hedge funds have recently made changes to their positions in MCY. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Mercury General by 3.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,473 shares of the insurance provider’s stock worth $515,000 after acquiring an additional 173 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Mercury General by 1.7% in the first quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock valued at $611,000 after buying an additional 185 shares in the last quarter. Cetera Investment Advisers grew its position in Mercury General by 3.9% in the 4th quarter. Cetera Investment Advisers now owns 5,172 shares of the insurance provider’s stock valued at $486,000 after acquiring an additional 195 shares in the last quarter. Franklin Resources Inc. boosted its position in Mercury General by 8.4% in the 4th quarter. Franklin Resources Inc. now owns 3,826 shares of the insurance provider’s stock valued at $360,000 after buying an additional 295 shares during the period. Finally, Mcguire Capital Advisors Inc. acquired a new position in shares of Mercury General in the fourth quarter worth $40,000. 42.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MCY shares. Zacks Research cut shares of Mercury General from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Finally, Wall Street Zen raised 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 given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Mercury General currently has an average rating of “Buy” and an average target price 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.