Connor Clark & Lunn Investment Management Ltd. Makes New $13.13 Million Investment in Mercury General Corporation $MCY

Key Points

• Connor Clark & Lunn Investment Management acquired 123,121 shares of Mercury General worth approximately $13.13 million, representing about 0.22% of the insurer. Institutional investors collectively own 42.39% of the company.
• Analysts remain bullish: Mercury General received a consensus “Strong Buy” rating and an average price target of $100, while recent quarterly earnings of $3.52 per share exceeded estimates by $0.99.
• Mercury General declared a quarterly dividend of $0.3175 per share, equivalent to $1.27 annually and a 1.2% yield. Shares recently opened at $104.53, with a market capitalization of approximately $5.79 billion.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Mercury General Corporation (NYSE:MCY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 123,121 shares of the insurance provider's stock, valued at approximately $13,127,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.22% of Mercury General as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of MCY. Allworth Financial LP acquired a new stake in Mercury General in the second quarter worth about $35,000. Hilton Head Capital Partners LLC bought a new position in Mercury General in the 4th quarter valued at about $38,000. Mcguire Capital Advisors Inc. bought a new position in Mercury General in the 4th quarter valued at about $40,000. IFP Advisors Inc increased its stake in Mercury General by 79.4% during the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider's stock valued at $48,000 after buying an additional 224 shares during the period. Finally, State of Wyoming acquired a new position in Mercury General during the 2nd quarter valued at about $78,000. Institutional investors own 42.39% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MCY shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercury General in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 4th. Finally, Zacks Research upgraded shares of Mercury General from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Buy" and an average price target of $100.00.

Mercury General Stock Performance

Shares of MCY opened at $104.53 on Wednesday. The company has a 50-day moving average of $106.73 and a two-hundred day moving average of $98.55. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 6.18 and a beta of 0.90. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. Mercury General Corporation has a one year low of $74.29 and a one year high of $113.06.

Mercury General (NYSE:MCY - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.99. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.52 billion. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. On average, equities research analysts expect that Mercury General Corporation will post 12.75 earnings per share for the current year.

Mercury General Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders 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 payout ratio is presently 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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