AQR Capital Management LLC Purchases 123,440 Shares of Mercury General Corporation $MCY

Key Points

• AQR Capital Management LLC increased its position in Mercury General Corporation by 57.0%, owning approximately 340,029 shares valued at about $19 million.
• Mercury General's latest earnings report showed earnings per share of $2.67, significantly beating estimates of ($0.10), indicating strong financial performance.
• The company recently declared a quarterly dividend of $0.3175 per share, reflecting an annualized yield of 1.6%, with a payout ratio of 18.04%.

AQR Capital Management LLC boosted its position in Mercury General Corporation (NYSE:MCY - Free Report) by 57.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 340,029 shares of the insurance provider's stock after purchasing an additional 123,440 shares during the period. AQR Capital Management LLC owned about 0.61% of Mercury General worth $19,008,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Northern Trust Corp lifted its position in shares of Mercury General by 2.6% during the 4th quarter. Northern Trust Corp now owns 279,271 shares of the insurance provider's stock valued at $18,566,000 after buying an additional 7,177 shares during the last quarter. Gotham Asset Management LLC lifted its holdings in Mercury General by 18.1% during the fourth quarter. Gotham Asset Management LLC now owns 10,489 shares of the insurance provider's stock valued at $697,000 after purchasing an additional 1,604 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Mercury General by 0.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 370,140 shares of the insurance provider's stock worth $24,607,000 after purchasing an additional 1,835 shares during the period. Interval Partners LP increased its stake in shares of Mercury General by 10.0% in the fourth quarter. Interval Partners LP now owns 91,161 shares of the insurance provider's stock worth $6,060,000 after purchasing an additional 8,254 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Mercury General by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,233 shares of the insurance provider's stock worth $1,013,000 after purchasing an additional 588 shares in the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

Mercury General Price Performance

Shares of MCY traded up $0.30 during mid-day trading on Friday, reaching $79.33. 158,105 shares of the stock traded hands, compared to its average volume of 207,436. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 11.27 and a beta of 0.98. Mercury General Corporation has a 1 year low of $44.19 and a 1 year high of $80.72. The firm has a fifty day moving average price of $72.58 and a 200 day moving average price of $63.48. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29.

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

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders 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 annualized dividend and a yield of 1.6%. Mercury General's payout ratio is presently 18.04%.

Wall Street Analyst Weigh In

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

About Mercury General

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.