Ameriprise Financial Inc. Has $9.74 Million Position in Mercury General Co. (NYSE:MCY)

Ameriprise Financial Inc. cut its stake in Mercury General Co. (NYSE:MCY - Free Report) by 66.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,520 shares of the insurance provider's stock after selling 292,320 shares during the period. Ameriprise Financial Inc. owned approximately 0.26% of Mercury General worth $9,741,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its position in 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 purchasing an additional 328 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Mercury General in the 4th quarter valued at approximately $44,000. Sterling Capital Management LLC lifted 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 acquiring an additional 657 shares during the period. Millstone Evans Group LLC acquired a new stake in shares of Mercury General during the 4th quarter worth approximately $60,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Mercury General during the 4th quarter worth approximately $68,000. 42.39% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on MCY shares. StockNews.com upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Raymond James raised Mercury General from an "outperform" rating to a "strong-buy" rating and boosted their price target for the stock from $70.00 to $80.00 in a report on Wednesday, February 12th.

Mercury General Price Performance

Shares of NYSE:MCY opened at $61.07 on Tuesday. Mercury General Co. has a one year low of $44.19 and a one year high of $80.72. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.34 and a quick ratio of 0.34. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 7.23 and a beta of 0.90. The firm has a 50 day simple moving average of $55.75 and a 200 day simple moving average of $60.00.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) EPS for the quarter, beating analysts' consensus estimates of ($4.00) by $1.71. The company had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.36 billion. Mercury General had a return on equity of 22.54% and a net margin of 8.55%. Research analysts predict that Mercury General Co. will post -0.5 earnings per share for the current fiscal year.

Mercury General Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be issued a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, June 12th. Mercury General's dividend payout ratio (DPR) is currently 24.61%.

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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