Assenagon Asset Management S.A. Sells 63,776 Shares of Mercury General Corporation $MCY

Key Points

• Assenagon Asset Management cut its Mercury General stake by 79.6% in the second quarter, selling 63,776 shares and retaining 16,301 shares worth about $1.74 million. Institutional investors collectively own 42.39% of MCY.
• Analyst sentiment remains generally positive, with an average “Buy” rating and a $100 price target, while MCY recently traded at $105.35. Ratings range from Strong Buy to Hold.
• Mercury General exceeded quarterly expectations, reporting $3.52 in EPS versus the $2.53 consensus and revenue of $1.68 billion versus $1.52 billion expected. The company also declared a quarterly dividend of $0.3175 per share, representing a 1.2% yield.

Assenagon Asset Management S.A. decreased its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 79.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,301 shares of the insurance provider's stock after selling 63,776 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Mercury General were worth $1,738,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MCY. Legato Capital Management LLC purchased a new stake in Mercury General during the fourth quarter worth $538,000. Principal Financial Group Inc. boosted its position in shares of Mercury General by 40.5% during the 1st quarter. Principal Financial Group Inc. now owns 178,064 shares of the insurance provider's stock worth $15,696,000 after purchasing an additional 51,336 shares during the period. First Trust Advisors LP increased its position in shares of Mercury General by 32.2% during the first quarter. First Trust Advisors LP now owns 62,181 shares of the insurance provider's stock worth $5,481,000 after acquiring an additional 15,139 shares during the period. Candriam S.C.A. acquired a new position in shares of Mercury General during the first quarter worth $5,886,000. Finally, Dimensional Fund Advisors LP raised its stake in Mercury General by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,149,647 shares of the insurance provider's stock valued at $189,492,000 after buying an additional 46,559 shares in the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCY has been the subject of several recent analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Mercury General in a research note on Thursday, June 4th. Zacks Research lowered Mercury General from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Finally, Wall Street Zen raised shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Mercury General presently has an average rating of "Buy" and an average target price of $100.00.

Mercury General Price Performance

Mercury General stock opened at $105.35 on Friday. The stock's fifty day moving average price is $106.12 and its two-hundred day moving average price is $97.61. Mercury General Corporation has a one year low of $73.05 and a one year high of $113.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. The firm has a market cap of $5.84 billion, a PE ratio of 6.23 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The company had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.52 billion. As a group, research analysts expect that Mercury General Corporation will post 11.88 EPS for the current fiscal year.

Mercury General Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, September 10th. Mercury General's dividend payout ratio (DPR) is presently 7.51%.

Mercury General Company 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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