VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Mercury General Corporation (NYSE:MCY – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 16,250 shares of the insurance provider’s stock, valued at approximately $1,733,000.
A number of other large investors have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Mercury General in the 2nd quarter valued at approximately $479,604,000. California State Teachers Retirement System lifted its holdings in shares of Mercury General by 10,275.1% during the second quarter. California State Teachers Retirement System now owns 3,512,276 shares of the insurance provider’s stock worth $374,479,000 after purchasing an additional 3,478,423 shares during the period. Park West Asset Management LLC bought a new stake in shares of Mercury General in the third quarter worth $23,953,000. Bank of New York Mellon Corp bought a new stake in shares of Mercury General in the second quarter worth $26,295,000. Finally, Rubric Capital Management LP increased its holdings in Mercury General by 12.8% in the second quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider’s stock valued at $138,350,000 after purchasing an additional 232,721 shares during the period. Institutional investors own 42.39% of the company’s stock.
Analyst Upgrades and Downgrades
MCY has been the topic of several recent research reports. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research report on Tuesday, September 1st. Finally, Zacks Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat.com, Mercury General has an average rating of “Strong Buy” and an average target price of $100.00.
Mercury General Stock Performance
MCY stock opened at $102.26 on Friday. The stock has a 50-day moving average price of $105.97 and a 200-day moving average price of $99.49. Mercury General Corporation has a 1-year low of $74.29 and a 1-year high of $113.06. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33. The firm has a market cap of $5.66 billion, a PE ratio of 6.04 and a beta of 0.90.
Mercury General (NYSE:MCY – Get Free Report) last announced its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 EPS for the quarter, beating the consensus estimate of $2.53 by $0.99. Mercury General had a return on equity of 31.98% and a net margin of 14.77%.The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.52 billion. As a group, equities research analysts expect that Mercury General Corporation will post 12.75 earnings per share for the current year.
Mercury General Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.27 annualized dividend and a yield of 1.2%. Mercury General’s payout ratio is 7.51%.
About Mercury General
Mercury General Corporation is an insurance holding company that writes personal and commercial property and casualty insurance. Its principal business is automobile insurance, including coverage for private passenger vehicles and commercial vehicles. The company also offers homeowners, renters, condominium, and other property-related insurance products, along with selected mechanical protection and umbrella coverage.
Founded in 1961, Mercury General is based in Los Angeles, California, and operates primarily through subsidiaries that market insurance directly and through independent agents.
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