Mercury General (NYSE:MCY) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Mercury General (NYSE:MCY) from a buy rating to a strong-buy rating in a research report report published on Tuesday morning.

Mercury General Stock Performance

Shares of NYSE:MCY opened at $71.70 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33. Mercury General has a 1 year low of $36.96 and a 1 year high of $80.72. The firm has a market capitalization of $3.97 billion, a PE ratio of 7.11 and a beta of 0.84. The business’s 50 day moving average price is $71.28 and its 200-day moving average price is $62.59.

Mercury General (NYSE:MCY) last issued its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating 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 business 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 business earned $1.14 earnings per share. As a group, equities research analysts expect that Mercury General will post 6.35 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be given a dividend of $0.317 per share. The ex-dividend date is Thursday, December 12th. This represents a $1.27 annualized dividend and a dividend yield of 1.77%. Mercury General’s payout ratio is 12.59%.

Insider Buying and Selling

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 35.50% of the stock is owned by company insiders.

Institutional Trading of Mercury General

Hedge funds and other institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System raised its stake in shares of Mercury General by 1.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after acquiring an additional 200 shares during the period. Diversified Trust Co raised its position in Mercury General by 4.2% in the second quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 326 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Mercury General by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 15,660 shares of the insurance provider’s stock worth $832,000 after purchasing an additional 396 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Mercury General by 4.6% during the third quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider’s stock worth $648,000 after buying an additional 454 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of Mercury General by 1.0% in the third quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider’s stock valued at $3,016,000 after buying an additional 481 shares in the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Company Profile

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.