Mercury General Corporation (NYSE:MCY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,178 shares of the insurance provider's stock after selling 6,482 shares during the quarter. Bank of New York Mellon Corp owned about 0.53% of Mercury General worth $16,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Castlekeep Investment Advisors LLC purchased a new stake in shares of Mercury General during the 4th quarter valued at about $113,252,000. Assenagon Asset Management S.A. bought a new position in shares of Mercury General in the first quarter worth approximately $53,535,000. Vanguard Group Inc. boosted its position in shares of Mercury General by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 3,670,014 shares of the insurance provider's stock worth $243,983,000 after purchasing an additional 165,629 shares during the period. American Century Companies Inc. boosted its position in shares of Mercury General by 94.6% during the fourth quarter. American Century Companies Inc. now owns 304,992 shares of the insurance provider's stock worth $20,276,000 after acquiring an additional 148,301 shares during the last quarter. Finally, Western Standard LLC bought a new position in shares of Mercury General during the fourth quarter worth $9,815,000. 42.39% of the stock is currently owned by institutional investors.

Mercury General Trading Up 0.1%

NYSE:MCY traded up $0.06 on Friday, reaching $68.00. 282,135 shares of the company's stock were exchanged, compared to its average volume of 424,151. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 13.18 and a beta of 0.96. The business has a fifty day moving average of $64.41 and a 200-day moving average of $57.65. Mercury General Corporation has a 52-week low of $44.19 and a 52-week high of $80.72.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($4.00) by $1.71. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.36 billion. Mercury General had a return on equity of 12.52% and a net margin of 5.11%. As a group, analysts expect that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Thursday, June 12th. Mercury General's dividend payout ratio is presently 24.61%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a research note on Monday, May 12th.

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.