Mercury General (NYSE:MCY) Sets New 52-Week High Following Dividend Announcement

Mercury General Co. (NYSE:MCY) shares hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $72.10 and last traded at $72.10, with a volume of 174 shares traded. The stock had previously closed at $68.41.

The newly announced dividend which will be paid on Thursday, December 26th. Investors of record on Thursday, December 12th will be issued a $0.317 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.27 annualized dividend and a yield of 1.87%. Mercury General’s dividend payout ratio is presently 12.59%.

Mercury General Stock Performance

The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 6.71 and a beta of 0.81. The company’s fifty day simple moving average is $63.83 and its two-hundred day simple moving average is $58.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.31 and a current ratio of 0.33.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, July 30th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.29. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.33 billion. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. During the same period in the previous year, the company earned ($0.47) earnings per share. Equities research analysts predict that Mercury General Co. will post 4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mercury General

Several institutional investors and hedge funds have recently made changes to their positions in MCY. Allworth Financial LP raised its holdings in shares of Mercury General by 1,190.5% during the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 500 shares during the period. CWM LLC grew its position in shares of Mercury General by 962.3% during the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after buying an additional 510 shares during the last quarter. National Bank of Canada FI acquired a new stake in Mercury General during the second quarter worth about $32,000. Blue Trust Inc. lifted its holdings in Mercury General by 8,262.5% in the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 661 shares during the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in Mercury General in the second quarter valued at approximately $64,000. 42.39% of the stock is owned by institutional investors and hedge funds.

About Mercury General

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.