Absher Wealth Management LLC Has $954,000 Stock Position in Mercury General Corporation (NYSE:MCY)

Absher Wealth Management LLC reduced its position in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 39.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,059 shares of the insurance provider's stock after selling 11,156 shares during the period. Absher Wealth Management LLC's holdings in Mercury General were worth $954,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCY. Russell Investments Group Ltd. grew its stake in shares of Mercury General by 0.3% during the fourth quarter. Russell Investments Group Ltd. now owns 75,400 shares of the insurance provider's stock worth $5,013,000 after buying an additional 224 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Mercury General by 145.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock worth $37,000 after buying an additional 328 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Mercury General by 6.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 5,542 shares of the insurance provider's stock worth $368,000 after buying an additional 353 shares during the last quarter. NDVR Inc. grew its stake in shares of Mercury General by 11.2% in the fourth quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock worth $246,000 after purchasing an additional 371 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Mercury General by 13.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,816 shares of the insurance provider's stock worth $254,000 after purchasing an additional 444 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Stock Performance

Shares of Mercury General stock opened at $63.93 on Friday. 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 Corporation has a twelve month low of $44.19 and a twelve month high of $80.72. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 12.39 and a beta of 0.96. The company's fifty day moving average is $59.96 and its 200 day moving average is $58.19.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share for the quarter, topping the consensus estimate of ($4.00) by $1.71. Mercury General had a net margin of 5.11% and a return on equity of 12.52%. The company had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.36 billion. Sell-side analysts forecast that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $1.27 dividend on an annualized basis and a yield of 1.99%. Mercury General's dividend payout ratio (DPR) is currently 24.61%.

Analyst Ratings Changes

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

Mercury General 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.

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