Algert Global LLC Increases Stock Holdings in Mercury General Corporation $MCY

Key Points

• Algert Global LLC increased its stake in Mercury General Corporation by 270.6% in the first quarter, owning 94,181 shares valued at approximately $5.27 million.
• Wall Street analysts have shown confidence in Mercury General, with ratings changes including a shift from "hold" to "buy" and a raised price target by Raymond James Financial to $90.00.
• The company recently declared a quarterly dividend of $0.3175 per share, representing an annualized yield of 1.7%, set to be paid on September 25, 2023.

Algert Global LLC boosted its position in Mercury General Corporation (NYSE:MCY - Free Report) by 270.6% 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 94,181 shares of the insurance provider's stock after buying an additional 68,766 shares during the quarter. Algert Global LLC owned approximately 0.17% of Mercury General worth $5,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of MCY. LPL Financial LLC boosted its stake in Mercury General by 14.8% in the fourth quarter. LPL Financial LLC now owns 14,081 shares of the insurance provider's stock worth $936,000 after buying an additional 1,813 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Mercury General by 123.0% during the fourth quarter. Wells Fargo & Company MN now owns 35,788 shares of the insurance provider's stock valued at $2,379,000 after buying an additional 19,743 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 valued at $368,000 after buying an additional 353 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Mercury General in the fourth quarter worth about $2,595,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Mercury General by 772.9% in the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock worth $49,000 after buying an additional 657 shares during the period. Hedge funds and other institutional investors own 42.39% of the company's stock.

Analyst Ratings Changes

MCY has been the topic of several analyst reports. Wall Street Zen upgraded Mercury General from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Raymond James Financial reiterated a "strong-buy" rating and issued a $90.00 price objective (up previously from $80.00) on shares of Mercury General in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Mercury General has an average rating of "Strong Buy" and an average target price of $90.00.

Mercury General Trading Up 0.7%

NYSE:MCY traded up $0.5250 during midday trading on Friday, reaching $76.4950. 242,949 shares of the stock traded hands, compared to its average volume of 292,724. The company has a fifty day moving average of $68.85 and a 200 day moving average of $60.97. Mercury General Corporation has a 12 month low of $44.19 and a 12 month high of $80.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $4.24 billion, a P/E ratio of 10.87 and a beta of 0.96.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $2.77. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.45 billion. On average, research analysts predict that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be paid a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.27 dividend on an annualized basis and a yield of 1.7%. Mercury General's dividend payout ratio (DPR) is presently 18.04%.

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.