Bank of New York Mellon Corp Acquires Shares of 246,620 Mercury General Corporation $MCY

Key Points

• Bank of New York Mellon acquired 246,620 shares of Mercury General worth approximately $26.3 million, giving it a 0.45% stake. Institutional investors and hedge funds collectively own 42.39% of the company.
• Analyst sentiment is strongly positive: Zacks Research and Wall Street Zen upgraded MCY to “strong buy,” while Weiss Ratings maintained a “buy” rating. The average price target is $100.
• Mercury General reported quarterly EPS of $3.52, exceeding estimates by $0.99, and revenue of $1.68 billion. The company also declared a quarterly dividend of $0.3175 per share, representing a 1.2% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Mercury General Corporation (NYSE:MCY - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 246,620 shares of the insurance provider's stock, valued at approximately $26,295,000. Bank of New York Mellon Corp owned 0.45% of Mercury General at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Hilton Head Capital Partners LLC acquired a new stake in Mercury General in the 4th quarter valued at $38,000. Mcguire Capital Advisors Inc. acquired a new position in Mercury General during the fourth quarter worth $40,000. IFP Advisors Inc lifted its holdings in shares of Mercury General by 79.4% during the fourth quarter. IFP Advisors Inc now owns 506 shares of the insurance provider's stock valued at $48,000 after acquiring an additional 224 shares during the period. State of Wyoming acquired a new stake in shares of Mercury General in the 2nd quarter valued at $78,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Mercury General by 194.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider's stock valued at $81,000 after purchasing an additional 798 shares in the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Mercury General Stock Performance

Shares of NYSE:MCY opened at $102.88 on Friday. The business has a fifty day moving average of $106.82 and a 200-day moving average of $98.71. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.47 and a current ratio of 0.47. Mercury General Corporation has a twelve month low of $74.29 and a twelve month high of $113.06. The firm has a market cap of $5.70 billion, a PE ratio of 6.08 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 for the quarter, beating the consensus estimate of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.52 billion. On average, equities research analysts predict that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Dividend Announcement

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