ExodusPoint Capital Management LP Decreases Stake in Mercury General Co. (NYSE:MCY)


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ExodusPoint Capital Management LP lessened its stake in shares of Mercury General Co. (NYSE:MCY) by 78.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,366 shares of the insurance provider’s stock after selling 22,535 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Mercury General were worth $332,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. raised its holdings in Mercury General by 144.9% during the 3rd quarter. Federated Hermes Inc. now owns 5,018 shares of the insurance provider’s stock valued at $208,000 after buying an additional 2,969 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Mercury General by 22.9% in the third quarter. JPMorgan Chase & Co. now owns 30,723 shares of the insurance provider’s stock valued at $1,271,000 after acquiring an additional 5,721 shares during the period. Great West Life Assurance Co. Can raised its stake in shares of Mercury General by 113.3% during the third quarter. Great West Life Assurance Co. Can now owns 34,652 shares of the insurance provider’s stock valued at $1,444,000 after acquiring an additional 18,404 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Mercury General by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 436,089 shares of the insurance provider’s stock worth $18,042,000 after purchasing an additional 23,098 shares during the period. Finally, Engineers Gate Manager LP grew its stake in shares of Mercury General by 177.4% in the third quarter. Engineers Gate Manager LP now owns 34,487 shares of the insurance provider’s stock worth $1,427,000 after purchasing an additional 22,054 shares during the last quarter. Hedge funds and other institutional investors own 38.62% of the company’s stock.

MCY has been the subject of several research analyst reports. Zacks Investment Research upgraded Mercury General from a “sell” rating to a “hold” rating in a report on Wednesday, February 10th. Raymond James reaffirmed a “sell” rating on shares of Mercury General in a research note on Monday, February 22nd.

Shares of MCY opened at $62.93 on Thursday. Mercury General Co. has a 1-year low of $34.12 and a 1-year high of $65.98. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $60.77 and its 200-day moving average price is $50.64. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 14.53 and a beta of 0.38.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Monday, February 15th. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.69. The company had revenue of $957.40 million during the quarter, compared to the consensus estimate of $932.27 million. Mercury General had a net margin of 6.47% and a return on equity of 13.57%. On average, research analysts forecast that Mercury General Co. will post 4.7 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 31st. Stockholders of record on Wednesday, March 17th were paid a $0.632 dividend. This represents a $2.53 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend was Tuesday, March 16th. Mercury General’s payout ratio is presently 97.31%.

In related news, Chairman George Joseph sold 11,000 shares of Mercury General stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $65.82, for a total transaction of $724,020.00. Following the sale, the chairman now directly owns 19,601,934 shares in the company, valued at $1,290,199,295.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 34.30% of the company’s stock.

Mercury General Profile

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. It also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance. The company's 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, fire, and other hazards.

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

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