Absher Wealth Management LLC Sells 11,156 Shares of Mercury General Corporation (NYSE:MCY)

Absher Wealth Management LLC lessened its stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 39.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,059 shares of the insurance provider's stock after selling 11,156 shares during the quarter. Absher Wealth Management LLC's holdings in Mercury General were worth $954,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MCY. Smartleaf Asset Management LLC boosted its holdings in shares of Mercury General by 145.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 328 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Mercury General in the fourth quarter valued at about $44,000. Sterling Capital Management LLC raised its position in Mercury General by 772.9% in the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 657 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Mercury General during the fourth quarter valued at about $60,000. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Mercury General during the fourth quarter worth about $68,000. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Trading Down 2.1%

NYSE MCY traded down $1.35 on Wednesday, hitting $63.94. The company's stock had a trading volume of 197,585 shares, compared to its average volume of 415,449. The company's 50-day moving average is $60.68 and its 200 day moving average is $58.07. The firm has a market cap of $3.54 billion, a PE ratio of 12.39 and a beta of 0.96. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.32.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share for the quarter, beating analysts' consensus estimates of ($4.00) by $1.71. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.36 billion. Mercury General had a return on equity of 12.52% and a net margin of 5.11%. As a group, analysts predict that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be paid a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $1.27 annualized dividend and a dividend yield of 1.99%. Mercury General's payout ratio is 24.61%.

Analyst Ratings Changes

Separately, Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research note on Monday, May 12th.

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.