Meeder Asset Management Inc. Has $50,000 Position in Mercury General Co. (NYSE:MCY)

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Meeder Asset Management Inc. increased its stake in Mercury General Co. (NYSE:MCY) by 70.5% in the 4th quarter, Holdings Channel reports. The firm owned 1,023 shares of the insurance provider’s stock after purchasing an additional 423 shares during the period. Meeder Asset Management Inc.’s holdings in Mercury General were worth $50,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in Mercury General by 5.5% in the 4th quarter. Renaissance Technologies LLC now owns 2,147,160 shares of the insurance provider’s stock worth $104,631,000 after buying an additional 112,160 shares during the period. State Street Corp increased its position in shares of Mercury General by 0.4% during the third quarter. State Street Corp now owns 1,069,124 shares of the insurance provider’s stock valued at $59,743,000 after purchasing an additional 4,337 shares during the period. Absher Wealth Management LLC bought a new stake in shares of Mercury General during the fourth quarter valued at approximately $17,484,000. Charles Schwab Investment Management Inc. increased its position in shares of Mercury General by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 316,851 shares of the insurance provider’s stock valued at $15,441,000 after purchasing an additional 14,648 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of Mercury General by 26.4% during the fourth quarter. ProShare Advisors LLC now owns 293,320 shares of the insurance provider’s stock valued at $14,293,000 after purchasing an additional 61,289 shares during the period. Hedge funds and other institutional investors own 43.30% of the company’s stock.

NYSE:MCY traded up $1.20 during trading hours on Thursday, reaching $38.42. The company had a trading volume of 240,408 shares, compared to its average volume of 381,102. The stock has a 50-day moving average of $44.77 and a two-hundred day moving average of $49.20. Mercury General Co. has a one year low of $33.45 and a one year high of $65.22. The firm has a market capitalization of $2.11 billion, a PE ratio of 6.66, a PEG ratio of 0.48 and a beta of 0.38. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.21.

Mercury General (NYSE:MCY) last announced its quarterly earnings results on Monday, February 10th. The insurance provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. Mercury General had a return on equity of 8.13% and a net margin of 8.06%. The firm had revenue of $896.10 million for the quarter, compared to analysts’ expectations of $884.63 million. During the same period in the prior year, the business posted ($0.26) earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts expect that Mercury General Co. will post 3.23 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 6.56%. The ex-dividend date is Monday, March 16th. Mercury General’s dividend payout ratio (DPR) is 96.92%.

In related news, Chairman George Joseph purchased 75,419 shares of the stock in a transaction on Friday, March 13th. The shares were purchased at an average cost of $38.93 per share, for a total transaction of $2,936,061.67. Following the completion of the transaction, the chairman now directly owns 18,884,449 shares of the company’s stock, valued at approximately $735,171,599.57. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 34.20% of the company’s stock.

Separately, Zacks Investment Research cut Mercury General from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 13th.

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.

Further Reading: The risks of owning bonds

Want to see what other hedge funds are holding MCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercury General Co. (NYSE:MCY).

Institutional Ownership by Quarter for Mercury General (NYSE:MCY)

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