Envestnet Asset Management Inc. Has $668,000 Stock Holdings in Mercury General Corporation (NYSE:MCY)

Key Points

• Envestnet Asset Management Inc. increased its stake in Mercury General Corporation by 115.7%, acquiring an additional 6,413 shares, bringing its total holdings to 11,955 shares valued at $668,000.
• Research firms have issued favorable ratings on Mercury General, with Raymond James raising the price target from $80.00 to $90.00 and reaffirming a "strong-buy" rating.
• Mercury General announced a quarterly dividend of $0.3175 per share, representing an annualized dividend yield of 1.8%, set to be paid on September 25th.

Envestnet Asset Management Inc. lifted its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 115.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,955 shares of the insurance provider's stock after buying an additional 6,413 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Mercury General were worth $668,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new stake in Mercury General during the 1st quarter worth about $384,000. Convergence Financial LLC bought a new stake in Mercury General during the 1st quarter worth about $232,000. Point72 Asset Management L.P. raised its holdings in Mercury General by 5.2% during the 4th quarter. Point72 Asset Management L.P. now owns 218,312 shares of the insurance provider's stock worth $14,513,000 after purchasing an additional 10,812 shares during the last quarter. Franklin Resources Inc. raised its holdings in Mercury General by 32.6% during the 4th quarter. Franklin Resources Inc. now owns 22,964 shares of the insurance provider's stock worth $1,527,000 after purchasing an additional 5,652 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Mercury General during the 4th quarter worth about $2,595,000. 42.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Raymond James Financial reissued a "strong-buy" rating and set a $90.00 price objective (up from $80.00) on shares of Mercury General in a report on Monday. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd.

Mercury General Trading Up 0.1%

Shares of Mercury General stock traded up $0.10 during trading on Friday, hitting $70.44. 85,301 shares of the company were exchanged, compared to its average volume of 528,141. The firm has a market capitalization of $3.90 billion, a P/E ratio of 10.01 and a beta of 0.96. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72. The firm's fifty day moving average price is $66.85 and its 200 day moving average price is $58.99. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.43.

Mercury General (NYSE:MCY - Get Free Report) last posted its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $2.77. The company had revenue of $1.48 billion during 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%. As a group, sell-side analysts expect that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The business 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 dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 11th. Mercury General's payout ratio is presently 18.04%.

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.