EntryPoint Capital LLC Acquires New Shares in Mercury General Corporation $MCY

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 stake in Mercury General Corporation (NYSE:MCY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,675 shares of the insurance provider's stock, valued at approximately $205,000.

Several other large investors have also bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in Mercury General by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,105,976 shares of the insurance provider's stock valued at $117,723,000 after buying an additional 49,155 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in Mercury General in the fourth quarter valued at about $113,252,000. Assenagon Asset Management S.A. acquired a new stake in Mercury General in the first quarter valued at about $53,535,000. Westwood Holdings Group Inc. acquired a new stake in Mercury General in the first quarter valued at about $27,485,000. Finally, American Century Companies Inc. boosted its stake in Mercury General by 32.9% in the first quarter. American Century Companies Inc. now owns 405,464 shares of the insurance provider's stock valued at $22,665,000 after buying an additional 100,472 shares in the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Performance

Shares of MCY stock opened at $76.4950 on Friday. The business's 50-day moving average price is $68.85 and its 200-day moving average price is $60.90. Mercury General Corporation has a 12 month low of $44.19 and a 12 month high of $80.72. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 10.87 and a beta of 0.96. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29.

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

Mercury General Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 11th. Mercury General's payout ratio is currently 18.04%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $90.00 price objective (up from $80.00) on shares of Mercury General in a research note on Monday, August 4th. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and a consensus target price of $90.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.