Mercury General (NYSE:MCY) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Mercury General (NYSE:MCY) from a hold rating to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

Separately, Wall Street Zen cut Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, Mercury General presently has a consensus rating of “Strong Buy” and an average price target of $100.00.

Mercury General Stock Down 2.0%

Shares of MCY opened at $99.56 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.44 and a current ratio of 0.44. Mercury General has a one year low of $60.41 and a one year high of $103.86. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 6.56 and a beta of 0.92. The stock has a 50 day moving average price of $94.56 and a 200 day moving average price of $91.94.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 EPS for the quarter, topping the consensus estimate of $2.15 by $1.35. Mercury General had a return on equity of 32.94% and a net margin of 13.68%.The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Equities research analysts forecast that Mercury General will post 11.75 earnings per share for the current fiscal year.

Mercury General Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, June 11th. Mercury General’s dividend payout ratio is presently 8.37%.

Institutional Trading of Mercury General

Large investors have recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. purchased a new stake in Mercury General in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Mercury General in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp grew its holdings in Mercury General by 236.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 457 shares of the insurance provider’s stock valued at $38,000 after buying an additional 321 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new stake in Mercury General in the 4th quarter valued at $38,000. Finally, Mcguire Capital Advisors Inc. purchased a new stake in Mercury General in the 4th quarter valued at $40,000. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

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.