Royal Bank of Canada lifted its stake in Mercury General Corporation (NYSE:MCY – Free Report) by 35.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,010 shares of the insurance provider’s stock after acquiring an additional 6,292 shares during the period. Royal Bank of Canada’s holdings in Mercury General were worth $2,116,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rubric Capital Management LP increased its position in shares of Mercury General by 4.9% in the first quarter. Rubric Capital Management LP now owns 2,154,504 shares of the insurance provider’s stock worth $189,920,000 after purchasing an additional 100,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mercury General by 2.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,149,647 shares of the insurance provider’s stock valued at $189,492,000 after purchasing an additional 46,559 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Mercury General by 4.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 408,116 shares of the insurance provider’s stock worth $38,387,000 after buying an additional 17,306 shares in the last quarter. AQR Capital Management LLC grew its stake in Mercury General by 1.9% in the 2nd quarter. AQR Capital Management LLC now owns 346,343 shares of the insurance provider’s stock worth $22,917,000 after buying an additional 6,314 shares in the last quarter. Finally, Park West Asset Management LLC increased its holdings in shares of Mercury General by 16.6% in the 4th quarter. Park West Asset Management LLC now owns 329,435 shares of the insurance provider’s stock worth $30,987,000 after buying an additional 46,907 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. Finally, Zacks Research lowered Mercury General from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $100.00.
Mercury General Trading Up 0.9%
NYSE MCY opened at $106.32 on Tuesday. The stock has a market cap of $5.89 billion, a P/E ratio of 6.28 and a beta of 0.90. Mercury General Corporation has a fifty-two week low of $73.05 and a fifty-two week high of $113.06. The stock has a 50 day simple moving average of $106.22 and a two-hundred day simple moving average of $97.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.47 and a current ratio of 0.47.
Mercury General (NYSE:MCY – Get Free Report) last posted its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 EPS for the quarter, topping the consensus estimate of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.52 billion. On average, analysts forecast that Mercury General Corporation will post 11.88 earnings per share for the current year.
Mercury General Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given 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%.
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.
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