Mercury General Corporation (MCY) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Mercury General Corporation (NYSE:MCY) from a sell rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “

Several other equities research analysts have also issued reports on the stock. TheStreet lowered shares of Mercury General Corporation from a b rating to a c+ rating in a report on Monday, October 30th. BidaskClub raised shares of Mercury General Corporation from a sell rating to a hold rating in a report on Wednesday, August 2nd.

Shares of Mercury General Corporation (NYSE MCY) opened at $55.62 on Wednesday. The stock has a market cap of $3,077.57, a price-to-earnings ratio of 27.00, a price-to-earnings-growth ratio of 1.12 and a beta of 0.53. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.21. Mercury General Corporation has a fifty-two week low of $52.52 and a fifty-two week high of $64.52.

Mercury General Corporation (NYSE:MCY) last announced its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.18. The firm had revenue of $827.42 million for the quarter, compared to analyst estimates of $835.00 million. Mercury General Corporation had a net margin of 3.00% and a return on equity of 6.47%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 EPS. equities research analysts forecast that Mercury General Corporation will post 1.88 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 14th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend is Wednesday, December 13th. This is a positive change from Mercury General Corporation’s previous quarterly dividend of $0.62. Mercury General Corporation’s payout ratio is 139.11%.

Several large investors have recently modified their holdings of MCY. State Street Corp boosted its stake in shares of Mercury General Corporation by 17.2% in the 2nd quarter. State Street Corp now owns 2,877,538 shares of the insurance provider’s stock valued at $155,388,000 after purchasing an additional 423,115 shares in the last quarter. Citadel Advisors LLC boosted its stake in shares of Mercury General Corporation by 564.8% in the 2nd quarter. Citadel Advisors LLC now owns 158,214 shares of the insurance provider’s stock valued at $8,544,000 after purchasing an additional 134,414 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Mercury General Corporation by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 2,465,753 shares of the insurance provider’s stock valued at $150,386,000 after purchasing an additional 120,934 shares in the last quarter. Speece Thorson Capital Group Inc. boosted its stake in shares of Mercury General Corporation by 171.3% in the 2nd quarter. Speece Thorson Capital Group Inc. now owns 119,976 shares of the insurance provider’s stock valued at $6,479,000 after purchasing an additional 75,759 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Mercury General Corporation by 17.0% in the 2nd quarter. First Trust Advisors LP now owns 363,717 shares of the insurance provider’s stock valued at $19,641,000 after purchasing an additional 52,948 shares in the last quarter. Institutional investors own 46.93% of the company’s stock.

Mercury General Corporation Company Profile

Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.

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