Mercury General (NYSE:MCY) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Mercury General Corporation (NYSE:MCY) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $87.29 and traded as high as $89.30. Mercury General shares last traded at $88.47, with a volume of 160,267 shares.

Analysts Set New Price Targets

A number of brokerages have commented on MCY. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercury General in a report on Thursday, January 22nd. Finally, Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Two analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat.com, Mercury General presently has a consensus rating of “Strong Buy” and a consensus price target of $100.00.

Mercury General Trading Up 0.0%

The firm’s 50-day moving average price is $89.49 and its 200 day moving average price is $87.31. The company has a market cap of $4.90 billion, a price-to-earnings ratio of 9.05 and a beta of 0.92. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.24.

Mercury General (NYSE:MCY) last released its earnings results on Tuesday, February 17th. The insurance provider reported $3.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $1.10. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.37 billion. Mercury General had a net margin of 9.03% and a return on equity of 20.74%. As a group, equities analysts expect that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 12th will be paid a $0.3175 dividend. The ex-dividend date is Thursday, March 12th. This represents a $1.27 annualized dividend and a dividend yield of 1.4%. Mercury General’s dividend payout ratio (DPR) is currently 13.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. bought a new stake in shares of Mercury General during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Mercury General in the 3rd quarter worth $34,000. Hilton Head Capital Partners LLC acquired a new stake in Mercury General in the 4th quarter valued at $38,000. Mcguire Capital Advisors Inc. bought a new stake in Mercury General during the 4th quarter valued at $40,000. Finally, Jones Financial Companies Lllp increased its stake in Mercury General by 236.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 457 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 321 shares in the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Company Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.