Mercury General (NYSE:MCY) Hits New 12-Month High at $53.00

Mercury General Co. (NYSE:MCY) shares hit a new 52-week high on Thursday . The company traded as high as $53.00 and last traded at $52.42, with a volume of 21689 shares. The stock had previously closed at $51.84.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Mercury General from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 15th.

Mercury General Stock Up 0.4 %

The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $2.88 billion, a PE ratio of 29.79 and a beta of 0.79. The company’s 50-day moving average is $45.37 and its 200 day moving average is $38.13.

Mercury General (NYSE:MCY) last announced its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.05 by $1.10. Mercury General had a net margin of 2.08% and a return on equity of 1.17%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.16 billion. As a group, analysts anticipate that Mercury General Co. will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Wednesday, March 13th were issued a $0.317 dividend. This represents a $1.27 annualized dividend and a yield of 2.44%. The ex-dividend date was Tuesday, March 12th. Mercury General’s dividend payout ratio is currently 72.99%.

Institutional Investors Weigh In On Mercury General

A number of hedge funds have recently added to or reduced their stakes in MCY. Quadrature Capital Ltd increased its position in Mercury General by 20.8% during the fourth quarter. Quadrature Capital Ltd now owns 9,710 shares of the insurance provider’s stock valued at $362,000 after acquiring an additional 1,670 shares during the last quarter. Quarry LP increased its holdings in Mercury General by 35.6% during the fourth quarter. Quarry LP now owns 876 shares of the insurance provider’s stock valued at $33,000 after buying an additional 230 shares during the last quarter. Legal & General Group Plc raised its position in Mercury General by 0.7% in the fourth quarter. Legal & General Group Plc now owns 75,503 shares of the insurance provider’s stock worth $2,817,000 after acquiring an additional 526 shares during the period. Barclays PLC boosted its stake in shares of Mercury General by 119.7% during the 4th quarter. Barclays PLC now owns 42,276 shares of the insurance provider’s stock worth $1,578,000 after acquiring an additional 23,034 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its position in Mercury General by 67.9% during the fourth quarter. Public Sector Pension Investment Board now owns 55,153 shares of the insurance provider’s stock valued at $2,058,000 after purchasing an additional 22,303 shares in the last quarter. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

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, and umbrella insurance products. Its 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, and other coverages.