Convergence Financial LLC Purchases New Shares in Mercury General Corporation (NYSE:MCY)

Convergence Financial LLC purchased a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,153 shares of the insurance provider's stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCY. Principal Financial Group Inc. grew its position in Mercury General by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 128,991 shares of the insurance provider's stock valued at $8,575,000 after acquiring an additional 3,579 shares during the last quarter. Bank of New York Mellon Corp grew its position in Mercury General by 5.0% in the 4th quarter. Bank of New York Mellon Corp now owns 302,660 shares of the insurance provider's stock valued at $20,121,000 after acquiring an additional 14,328 shares during the last quarter. Versor Investments LP bought a new position in Mercury General in the 4th quarter valued at $406,000. Smartleaf Asset Management LLC grew its position in Mercury General by 145.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 328 shares during the last quarter. Finally, Bailard Inc. bought a new position in Mercury General in the 4th quarter valued at $279,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Mercury General Stock Performance

Shares of Mercury General stock opened at $66.05 on Monday. The stock's fifty day moving average is $61.17 and its two-hundred day moving average is $57.77. The company has a market capitalization of $3.66 billion, a PE ratio of 12.80 and a beta of 0.96. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.32. 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 posted its quarterly earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($4.00) by $1.71. Mercury General had a return on equity of 12.52% and a net margin of 5.11%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.36 billion. 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 company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders 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 dividend yield of 1.92%. The ex-dividend date was Thursday, June 12th. Mercury General's payout ratio is 24.61%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research report 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.

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