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

Key Points

• Algert Global increased its Mercury General position by 19.7% in the second quarter, adding 33,617 shares for a total of 203,830 shares valued at approximately $21.7 million. Institutional investors own 42.39% of the company.
• Analysts remain bullish on MCY, with two Strong Buy ratings and one Buy rating, producing an average price target of $100. The company also exceeded quarterly expectations, reporting $3.52 in EPS versus the $2.53 consensus and revenue of $1.68 billion.
• Mercury General announced a quarterly dividend of $0.3175 per share, equivalent to $1.27 annually and a 1.2% yield, payable September 24 to shareholders of record as of September 10.

Algert Global LLC lifted its position in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 19.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 203,830 shares of the insurance provider's stock after buying an additional 33,617 shares during the period. Algert Global LLC owned approximately 0.37% of Mercury General worth $21,732,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Allworth Financial LP acquired a new position in Mercury General in the second quarter valued at $35,000. Hilton Head Capital Partners LLC acquired a new stake in Mercury General during the fourth quarter worth about $38,000. Mcguire Capital Advisors Inc. purchased a new position in shares of Mercury General in the 4th quarter worth about $40,000. IFP Advisors Inc raised its holdings in shares of Mercury General by 79.4% in the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider's stock worth $48,000 after purchasing an additional 224 shares during the period. Finally, State of Wyoming acquired a new position in shares of Mercury General in the 2nd quarter valued at about $78,000. 42.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCY. Weiss Ratings reiterated a "buy (b)" rating on shares of Mercury General in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Finally, Zacks Research raised shares of Mercury General from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Strong Buy" and an average price target of $100.00.

Mercury General Stock Up 0.5%

Shares of NYSE:MCY opened at $106.22 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. Mercury General Corporation has a 52-week low of $74.29 and a 52-week high of $113.06. The company has a 50 day moving average of $106.68 and a two-hundred day moving average of $98.46. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 6.28 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.99. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.52 billion. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. As a group, analysts forecast that Mercury General Corporation will post 12.75 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General's payout ratio is presently 7.51%.

Mercury General Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company's product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.

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