Mercury General (NYSE:MCY) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Mercury General (NYSE:MCY) from a buy rating to a strong-buy rating in a research note released on Tuesday morning.

Mercury General Trading Down 2.5 %

Shares of MCY opened at $72.07 on Tuesday. Mercury General has a 12-month low of $36.96 and a 12-month high of $80.72. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 7.14 and a beta of 0.84. The stock’s 50-day moving average price is $70.92 and its 200 day moving average price is $62.45.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. During the same period in the previous year, the business earned $1.14 earnings per share. As a group, research analysts predict that Mercury General will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, December 12th. Mercury General’s payout ratio is 12.59%.

Insider Buying and Selling at Mercury General

In other news, VP Heidi C. Sullivan sold 1,076 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total value of $83,153.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 35.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP boosted its holdings in shares of Mercury General by 1,190.5% in the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. CWM LLC boosted its holdings in shares of Mercury General by 962.3% in the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 510 shares in the last quarter. National Bank of Canada FI acquired a new position in shares of Mercury General in the 2nd quarter worth approximately $32,000. Blue Trust Inc. lifted its holdings in Mercury General by 8,262.5% during the 2nd quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after buying an additional 661 shares in the last quarter. Finally, FSC Wealth Advisors LLC bought a new position in Mercury General in the 2nd quarter valued at $64,000. 42.39% of the stock is owned by institutional investors and hedge funds.

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.