Zacks Research Upgrades Mercury General (NYSE:MCY) to Strong-Buy

Mercury General (NYSE:MCY) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a research report on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, Mercury General presently has an average rating of “Strong Buy” and an average target price of $100.00.

Mercury General Stock Down 1.7%

Shares of Mercury General stock opened at $104.55 on Tuesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33. The business’s 50 day simple moving average is $106.38 and its 200-day simple moving average is $98.11. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 6.18 and a beta of 0.90. Mercury General has a twelve month low of $73.73 and a twelve month high of $113.06.

Mercury General (NYSE:MCY) last announced its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.99. Mercury General had a return on equity of 31.98% and a net margin of 14.77%.The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.52 billion. Equities research analysts forecast that Mercury General will post 12.75 earnings per share for the current year.

Institutional Trading of Mercury General

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP bought a new stake in Mercury General during the 2nd quarter valued at $35,000. Hilton Head Capital Partners LLC acquired a new position in Mercury General during the 4th quarter worth $38,000. PenderFund Capital Management Ltd. bought a new position in shares of Mercury General in the second quarter worth $44,000. Mcguire Capital Advisors Inc. bought a new position in shares of Mercury General in the fourth quarter worth $40,000. Finally, Caitlin John LLC bought a new position in shares of Mercury General in the second quarter worth $53,000. 42.39% of the stock is currently owned by institutional investors and hedge funds.

About Mercury General

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.