50,918 Shares in Mercury General Corporation $MCY Purchased by Ieq Capital LLC

Ieq Capital LLC bought a new stake in shares of Mercury General Corporation (NYSE:MCY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 50,918 shares of the insurance provider’s stock, valued at approximately $5,429,000.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Mercury General by 40.5% in the 1st quarter. Principal Financial Group Inc. now owns 178,064 shares of the insurance provider’s stock valued at $15,696,000 after purchasing an additional 51,336 shares during the last quarter. Legato Capital Management LLC bought a new position in shares of Mercury General in the fourth quarter worth about $538,000. First Trust Advisors LP boosted its position in Mercury General by 32.2% in the 1st quarter. First Trust Advisors LP now owns 62,181 shares of the insurance provider’s stock valued at $5,481,000 after buying an additional 15,139 shares during the period. Candriam S.C.A. bought a new position in Mercury General in the 1st quarter worth about $5,886,000. Finally, Rubric Capital Management LP increased its position in shares of Mercury General by 4.9% during the first quarter. Rubric Capital Management LP now owns 2,154,504 shares of the insurance provider’s stock worth $189,920,000 after acquiring an additional 100,000 shares during the period. Institutional investors own 42.39% of the company’s stock.

Mercury General Trading Up 0.1%

Mercury General stock opened at $105.77 on Monday. The stock has a 50-day moving average of $106.58 and a two-hundred day moving average of $98.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.47 and a current ratio of 0.47. Mercury General Corporation has a one year low of $74.29 and a one year high of $113.06. The stock has a market cap of $5.86 billion, a PE ratio of 6.25 and a beta of 0.90.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.99. Mercury General had a return on equity of 31.98% and a net margin of 14.77%.The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. On average, research analysts anticipate that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.3175 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. Mercury General’s dividend payout ratio is presently 7.51%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Zacks Research raised Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Strong Buy” and a consensus target price of $100.00.

About Mercury General

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.