Algert Global LLC Has $5.27 Million 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 increased its position in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 270.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,181 shares of the insurance provider's stock after buying an additional 68,766 shares during the period. Algert Global LLC owned 0.17% of Mercury General worth $5,265,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sterling Capital Management LLC boosted its holdings in shares of Mercury General by 772.9% during the 4th 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. Meeder Asset Management Inc. bought a new stake in shares of Mercury General during the 1st quarter worth $50,000. Covestor Ltd boosted its holdings in shares of Mercury General by 745.5% during the 1st quarter. Covestor Ltd now owns 2,545 shares of the insurance provider's stock worth $142,000 after buying an additional 2,244 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of Mercury General during the 4th quarter worth $200,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Mercury General by 24.6% during the 1st quarter. Federated Hermes Inc. now owns 3,057 shares of the insurance provider's stock worth $171,000 after buying an additional 604 shares during the period. 42.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MCY. Raymond James Financial reissued a "strong-buy" rating and issued a $90.00 price target (up from $80.00) on shares of Mercury General in a report on Monday, August 4th. Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Strong Buy" and an average target price of $90.00.

Mercury General Price Performance

Shares of MCY stock traded up $0.5250 during mid-day trading on Friday, reaching $76.4950. The company's stock had a trading volume of 242,949 shares, compared to its average volume of 511,020. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72. The company has a market cap of $4.24 billion, a P/E ratio of 10.87 and a beta of 0.96. 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 firm's 50-day moving average is $68.61 and its two-hundred day moving average is $60.64.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share (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 analysts' expectations of $1.45 billion. On average, research analysts predict that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Announces Dividend

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