Mercury General (NYSE:MCY) Reaches New 1-Year High at $54.59

Mercury General Co. (NYSE:MCY)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $54.59 and last traded at $52.44, with a volume of 164204 shares changing hands. The stock had previously closed at $53.37.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Mercury General from a “strong-buy” rating to a “buy” rating in a report on Wednesday.

Mercury General Trading Up 1.8 %

The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 30.85 and a beta of 0.80. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average price of $49.10 and a 200-day moving average price of $40.65.

Mercury General (NYSE:MCY) last posted its earnings results on Tuesday, February 13th. The insurance provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.05 by $1.10. Mercury General had a return on equity of 1.17% and a net margin of 2.08%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.16 billion. On average, equities research analysts predict that Mercury General Co. will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Wednesday, March 13th were issued a $0.317 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $1.27 annualized dividend and a yield of 2.36%. Mercury General’s dividend payout ratio (DPR) is currently 72.99%.

Institutional Investors Weigh In On Mercury General

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fairfield Bush & CO. acquired a new stake in Mercury General in the 1st quarter worth approximately $33,000. Quarry LP increased its position in Mercury General by 35.6% in the 4th quarter. Quarry LP now owns 876 shares of the insurance provider’s stock worth $33,000 after buying an additional 230 shares during the period. Larson Financial Group LLC bought a new position in Mercury General in the 3rd quarter worth approximately $25,000. Captrust Financial Advisors increased its position in Mercury General by 23.8% in the 1st quarter. Captrust Financial Advisors now owns 1,244 shares of the insurance provider’s stock worth $68,000 after buying an additional 239 shares during the period. Finally, Gradient Investments LLC bought a new position in Mercury General in the 3rd quarter worth approximately $38,000. 42.39% of the stock is currently owned by institutional investors and hedge funds.

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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.