Convergence Financial LLC Invests $232,000 in Mercury General Corporation (NYSE:MCY)

Convergence Financial LLC acquired a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,153 shares of the insurance provider's stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCY. Point72 Asset Management L.P. boosted its position in Mercury General by 5.2% during the fourth quarter. Point72 Asset Management L.P. now owns 218,312 shares of the insurance provider's stock valued at $14,513,000 after purchasing an additional 10,812 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Mercury General by 27.9% in the 4th quarter. Prudential Financial Inc. now owns 79,677 shares of the insurance provider's stock valued at $5,297,000 after buying an additional 17,370 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Mercury General by 32.6% in the 4th quarter. Franklin Resources Inc. now owns 22,964 shares of the insurance provider's stock worth $1,527,000 after buying an additional 5,652 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Mercury General by 94.6% during the 4th 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Mercury General during the 4th quarter worth approximately $2,595,000. 42.39% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Mercury General Stock Up 2.3%

MCY stock traded up $1.49 on Thursday, hitting $67.31. 132,593 shares of the company's stock were exchanged, compared to its average volume of 416,057. The firm has a 50 day moving average price of $61.95 and a two-hundred day moving average price of $57.84. Mercury General Corporation has a 12-month low of $44.19 and a 12-month high of $80.72. The stock has a market cap of $3.73 billion, a P/E ratio of 13.04 and a beta of 0.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.51.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.36 billion. As a group, equities research analysts expect that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were issued a $0.3175 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.89%. Mercury General's dividend payout ratio is currently 24.61%.

Mercury General Profile

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.