Mercury General Corporation (NYSE:MCY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Mercury General Corporation (NYSE:MCY) opened at 56.65 on Thursday. Mercury General Corporation has a one year low of $47.96 and a one year high of $64.52. The firm has a market cap of $3.13 billion, a PE ratio of 25.63 and a beta of 0.49. The company’s 50-day moving average is $60.68 and its 200 day moving average is $56.55.
Mercury General Corporation (NYSE:MCY) last released its quarterly earnings results on Monday, February 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. Mercury General Corporation had a net margin of 2.26% and a return on equity of 5.30%. The firm earned $768.08 million during the quarter, compared to analyst estimates of $827.04 million. During the same quarter last year, the business earned $0.52 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. Equities analysts anticipate that Mercury General Corporation will post $2.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Thursday, March 16th will be issued a dividend of $0.6225 per share. The ex-dividend date is Tuesday, March 14th. This represents a $2.49 annualized dividend and a yield of 4.40%. Mercury General Corporation’s payout ratio is 188.64%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCY. Crawford Investment Counsel Inc. raised its position in Mercury General Corporation by 25.5% in the third quarter. Crawford Investment Counsel Inc. now owns 285,461 shares of the company’s stock valued at $15,658,000 after buying an additional 58,090 shares during the last quarter. Bank of New York Mellon Corp raised its position in Mercury General Corporation by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 427,081 shares of the company’s stock valued at $23,427,000 after buying an additional 6,541 shares during the last quarter. Vanguard Group Inc. raised its position in Mercury General Corporation by 4.3% in the second quarter. Vanguard Group Inc. now owns 2,162,260 shares of the company’s stock valued at $114,946,000 after buying an additional 90,104 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new position in Mercury General Corporation during the third quarter valued at about $7,999,000. Finally, Wells Fargo & Company MN raised its position in Mercury General Corporation by 2.8% in the third quarter. Wells Fargo & Company MN now owns 251,500 shares of the company’s stock valued at $13,794,000 after buying an additional 6,967 shares during the last quarter. Hedge funds and other institutional investors own 43.77% of the company’s stock.
About Mercury General Corporation
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.
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