Ritholtz Wealth Management Has $3.57 Million Stock Position in Mercury General Corporation $MCY

Ritholtz Wealth Management boosted its stake in Mercury General Corporation (NYSE:MCY) by 58.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,483 shares of the insurance provider’s stock after acquiring an additional 14,960 shares during the period. Ritholtz Wealth Management’s holdings in Mercury General were worth $3,569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MCY. Assenagon Asset Management S.A. lifted its position in shares of Mercury General by 75.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 65,124 shares of the insurance provider’s stock worth $6,126,000 after purchasing an additional 28,071 shares during the period. American Century Companies Inc. increased its position in shares of Mercury General by 22.9% during the third quarter. American Century Companies Inc. now owns 578,671 shares of the insurance provider’s stock worth $49,060,000 after buying an additional 107,766 shares during the period. Aptus Capital Advisors LLC bought a new position in Mercury General during the third quarter worth $6,656,000. Legato Capital Management LLC bought a new position in Mercury General during the fourth quarter worth $538,000. Finally, Dakota Wealth Management acquired a new position in Mercury General in the fourth quarter valued at $598,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Performance

NYSE:MCY opened at $104.27 on Friday. The company has a fifty day moving average of $99.47 and a 200-day moving average of $93.60. The firm has a market capitalization of $5.78 billion, a P/E ratio of 6.87 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.22. Mercury General Corporation has a twelve month low of $64.04 and a twelve month high of $107.95.

Mercury General (NYSE:MCY) last released its earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $1.35. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.46 billion. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. As a group, sell-side analysts anticipate that Mercury General Corporation will post 11.38 EPS for the current year.

Mercury General Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were issued a dividend of $0.3175 per share. The ex-dividend date was Thursday, June 11th. This represents a $1.27 annualized dividend and a dividend yield of 1.2%. Mercury General’s dividend payout ratio is currently 8.37%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Finally, Wall Street Zen lowered Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Strong Buy” and an average target price of $100.00.

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.