Mercury General (NYSE:MCY) Stock Price Down 5.8% – Time to Sell?

Shares of Mercury General Co. (NYSE:MCY) traded down 5.8% during trading on Tuesday . The stock traded as low as $48.93 and last traded at $48.66. 66,895 shares traded hands during trading, a decline of 94% from the average session volume of 1,107,462 shares. The stock had previously closed at $51.65.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 26th.

Mercury General Stock Performance

The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.66 billion, a P/E ratio of 4.77 and a beta of 0.87. The firm’s 50-day moving average is $66.18 and its two-hundred day moving average is $64.36.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company posted $1.14 earnings per share. As a group, research analysts expect that Mercury General Co. will post 5.05 EPS for the current year.

Insider Activity at Mercury General

In other news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 35.50% of the company’s stock.

Institutional Investors Weigh In On Mercury General

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new stake in shares of Mercury General during the third quarter valued at approximately $13,068,000. Assenagon Asset Management S.A. increased its position in Mercury General by 607.5% in the third quarter. Assenagon Asset Management S.A. now owns 214,427 shares of the insurance provider’s stock worth $13,505,000 after purchasing an additional 184,121 shares during the period. Phase 2 Partners LLC boosted its stake in shares of Mercury General by 142.1% in the 3rd quarter. Phase 2 Partners LLC now owns 273,955 shares of the insurance provider’s stock valued at $17,254,000 after purchasing an additional 160,808 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Mercury General during the 3rd quarter worth approximately $8,243,000. Finally, Barclays PLC lifted its holdings in Mercury General by 319.9% in the third quarter. Barclays PLC now owns 46,557 shares of the insurance provider’s stock valued at $2,931,000 after buying an additional 35,470 shares during the period. Institutional investors and hedge funds own 42.39% of the company’s stock.

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.