Envestnet Asset Management Inc. Purchases 6,413 Shares of 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. increased its holdings in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 115.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 11,955 shares of the insurance provider's stock after purchasing an additional 6,413 shares during the period. Envestnet Asset Management Inc.'s holdings in Mercury General were worth $668,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in Mercury General by 0.3% during the fourth quarter. Russell Investments Group Ltd. now owns 75,400 shares of the insurance provider's stock valued at $5,013,000 after purchasing an additional 224 shares in the last quarter. NDVR Inc. boosted its stake in Mercury General by 11.2% in the 4th quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock valued at $246,000 after buying an additional 371 shares in the last quarter. Pictet Asset Management Holding SA grew its position in Mercury General by 13.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,816 shares of the insurance provider's stock valued at $254,000 after acquiring an additional 444 shares during the period. Federated Hermes Inc. raised its stake in Mercury General by 23.5% during the fourth quarter. Federated Hermes Inc. now owns 2,453 shares of the insurance provider's stock worth $163,000 after acquiring an additional 466 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 during the period. Institutional investors own 42.39% of the company's stock.

Wall Street Analysts Forecast Growth

MCY has been the topic of several recent analyst reports. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a report on Saturday. Raymond James Financial restated a "strong-buy" rating and set a $90.00 target price (up previously from $80.00) on shares of Mercury General in a report on Monday.

Mercury General Stock Up 0.7%

NYSE MCY traded up $0.52 on Tuesday, reaching $72.21. The company had a trading volume of 239,258 shares, compared to its average volume of 306,993. The company's fifty day moving average is $66.30 and its 200-day moving average is $58.65. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 10.26 and a beta of 0.96. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly 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 firm had revenue of $1.48 billion for the quarter, compared to analyst estimates 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 forecast that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 11th. Mercury General's dividend payout ratio is presently 18.04%.

Mercury General Company 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.