Mercury General (NYSE:MCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $57.00 target price on the insurance provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.96% from the stock’s previous close.
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. “
A number of other brokerages have also recently commented on MCY. Keefe, Bruyette & Woods set a $69.00 target price on Mercury General and gave the company a “buy” rating in a report on Monday, October 29th. ValuEngine lowered Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd.
Shares of Mercury General stock opened at $50.91 on Wednesday. Mercury General has a 12 month low of $41.40 and a 12 month high of $61.83. The stock has a market cap of $2.80 billion, a P/E ratio of 31.04 and a beta of 0.30. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.40 and a quick ratio of 0.40.
Mercury General (NYSE:MCY) last announced its earnings results on Monday, October 29th. The insurance provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.38. Mercury General had a return on equity of 7.13% and a net margin of 2.80%. The company had revenue of $905.34 million during the quarter, compared to analysts’ expectations of $877.06 million. During the same period last year, the business posted $0.60 EPS. Mercury General’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts expect that Mercury General will post 2.8 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its position in Mercury General by 460.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,266 shares of the insurance provider’s stock valued at $114,000 after purchasing an additional 1,862 shares in the last quarter. BlueMountain Capital Management LLC acquired a new stake in Mercury General in the 3rd quarter valued at about $134,000. Gifford Fong Associates acquired a new stake in shares of Mercury General during the 2nd quarter worth about $137,000. Commonwealth Bank of Australia acquired a new stake in shares of Mercury General during the 3rd quarter worth about $195,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Mercury General during the 2nd quarter worth about $181,000. 47.20% of the stock is currently owned by 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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
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