Mercury General (NYSE:MCY) Stock Price Up 5.5% – Here’s What Happened

Mercury General Co. (NYSE:MCY) shares traded up 5.5% during trading on Thursday . The company traded as high as $50.27 and last traded at $50.30. 469,912 shares traded hands during trading, a decline of 60% from the average session volume of 1,166,227 shares. The stock had previously closed at $47.69.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Mercury General from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 26th.

Mercury General Stock Down 1.3 %

The business has a 50-day simple moving average of $66.62 and a two-hundred day simple moving average of $64.21. 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 stock has a market capitalization of $2.74 billion, a P/E ratio of 4.90 and a beta of 0.87.

Mercury General (NYSE:MCY) last released its quarterly earnings results 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 firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations 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 last year, the firm posted $1.14 EPS. Equities research analysts forecast that Mercury General Co. will post 5.05 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th were issued a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Thursday, December 12th. Mercury General’s dividend payout ratio is currently 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 dated Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 35.50% of the company’s stock.

Institutional Trading of Mercury General

A number of hedge funds have recently modified their holdings of MCY. American Century Companies Inc. raised its holdings in Mercury General by 20.5% in the second quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider’s stock worth $2,800,000 after purchasing an additional 8,976 shares during the period. Public Sector Pension Investment Board raised its stake in Mercury General by 7.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 58,441 shares of the insurance provider’s stock worth $3,106,000 after buying an additional 3,958 shares during the period. Deerfield Management Company L.P. Series C lifted its holdings in Mercury General by 33.6% during the second quarter. Deerfield Management Company L.P. Series C now owns 8,367 shares of the insurance provider’s stock worth $445,000 after acquiring an additional 2,102 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Mercury General by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 15,660 shares of the insurance provider’s stock valued at $832,000 after acquiring an additional 396 shares during the period. Finally, Lighthouse Investment Partners LLC grew its stake in Mercury General by 783.7% in the second quarter. Lighthouse Investment Partners LLC now owns 97,175 shares of the insurance provider’s stock valued at $5,164,000 after acquiring an additional 86,178 shares during the period. 42.39% of the stock is currently owned by institutional investors and hedge funds.

About Mercury General

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.