3,675 Shares in Mercury General Corporation $MCY Acquired by EntryPoint Capital LLC

Key Points

• EntryPoint Capital LLC acquired a new stake in Mercury General Corporation, purchasing 3,675 shares valued at approximately $205,000 during the first quarter.
• Mercury General recently announced a quarterly dividend of $0.3175 per share, which represents an annualized dividend yield of 1.7%.
• Analysts have upgraded Mercury General's stock rating to "strong-buy," with a target price of $90.00, reflecting positive sentiment in the market.

EntryPoint Capital LLC acquired a new position in shares of Mercury General Corporation (NYSE:MCY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,675 shares of the insurance provider's stock, valued at approximately $205,000.

A number of other large investors have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in shares of Mercury General by 6.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,542 shares of the insurance provider's stock worth $368,000 after purchasing an additional 353 shares in the last quarter. NDVR Inc. grew its stake in Mercury General by 11.2% during the fourth quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock valued at $246,000 after acquiring an additional 371 shares in the last quarter. Trajan Wealth LLC grew its stake in Mercury General by 14.7% during the first quarter. Trajan Wealth LLC now owns 3,877 shares of the insurance provider's stock valued at $217,000 after acquiring an additional 498 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mercury General by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,233 shares of the insurance provider's stock valued at $1,013,000 after acquiring an additional 588 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Mercury General by 24.6% during the first quarter. Federated Hermes Inc. now owns 3,057 shares of the insurance provider's stock valued at $171,000 after acquiring an additional 604 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company's stock.

Analyst Upgrades and Downgrades

MCY has been the subject of several recent analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating and set a $90.00 price objective (up previously from $80.00) on shares of Mercury General in a research note on Monday, August 4th. Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Mercury General has an average rating of "Strong Buy" and a consensus target price of $90.00.

Mercury General Trading Down 0.1%

NYSE:MCY traded down $0.11 during midday trading on Friday, reaching $77.03. 21,723 shares of the stock traded hands, compared to its average volume of 502,025. The company has a fifty day moving average of $69.93 and a 200 day moving average of $61.56. Mercury General Corporation has a 12 month low of $44.19 and a 12 month high of $80.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $4.27 billion, a P/E ratio of 10.94 and a beta of 0.96.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $2.77. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.45 billion. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. On average, research analysts predict that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be given a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.6%. Mercury General's dividend payout ratio is currently 18.04%.

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.