Mercury General Corporation (NYSE:MCY – Get Free Report)’s stock price was down 3.9% during mid-day trading on Thursday . The company traded as low as $99.76 and last traded at $100.9550. 30,830 shares were traded during trading, a decline of 88% from the average session volume of 267,918 shares. The stock had previously closed at $105.07.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Finally, Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and a consensus price target of $100.00.
Mercury General Stock Up 0.2%
Mercury General (NYSE:MCY – Get Free Report) last released its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.99. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. Mercury General had a return on equity of 31.98% and a net margin of 14.77%. As a group, equities research analysts forecast that Mercury General Corporation will post 12.75 earnings per share for the current year.
Mercury General Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General’s payout ratio is currently 7.51%.
Institutional Trading of Mercury General
Several institutional investors have recently modified their holdings of MCY. Royal Bank of Canada grew its holdings in Mercury General by 58.8% during the first quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock worth $3,036,000 after acquiring an additional 20,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Mercury General by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after acquiring an additional 702 shares during the last quarter. Millennium Management LLC lifted its holdings in Mercury General by 8.5% in the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock valued at $6,223,000 after acquiring an additional 8,742 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Mercury General by 1.7% during the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock valued at $611,000 after purchasing an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Mercury General by 194.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock valued at $81,000 after purchasing an additional 798 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.
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.
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