First Trust Advisors LP boosted its holdings in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 32.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,181 shares of the insurance provider's stock after purchasing an additional 15,139 shares during the period. First Trust Advisors LP owned about 0.11% of Mercury General worth $5,481,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Park West Asset Management LLC acquired a new position in shares of Mercury General in the 3rd quarter worth approximately $23,953,000. Rubric Capital Management LP boosted its stake in Mercury General by 12.8% in the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider's stock valued at $138,350,000 after buying an additional 232,721 shares in the last quarter. Sei Investments Co. boosted its stake in Mercury General by 2,513.7% in the 2nd quarter. Sei Investments Co. now owns 157,893 shares of the insurance provider's stock valued at $10,633,000 after buying an additional 151,852 shares in the last quarter. Philosophy Capital Management LLC bought a new stake in Mercury General in the third quarter valued at $11,778,000. Finally, Two Sigma Investments LP grew its position in Mercury General by 45.1% in the third quarter. Two Sigma Investments LP now owns 229,994 shares of the insurance provider's stock valued at $19,499,000 after acquiring an additional 71,454 shares during the period. 42.39% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
MCY has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Mercury General in a report on Thursday, June 4th. Wall Street Zen raised shares of Mercury General from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Finally, Zacks Research cut shares of Mercury General from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $100.00.
Check Out Our Latest Stock Analysis on Mercury General
Mercury General Price Performance
Mercury General stock opened at $107.44 on Tuesday. The business's 50-day simple moving average is $104.71 and its 200 day simple moving average is $96.58. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 7.08 and a beta of 0.90. Mercury General Corporation has a 12-month low of $68.98 and a 12-month high of $113.06.
Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share for the quarter, topping the consensus estimate of $2.15 by $1.35. Mercury General had a return on equity of 32.94% and a net margin of 13.68%.The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.46 billion. As a group, research analysts anticipate that Mercury General Corporation will post 11.5 earnings per share for the current year.
About Mercury General
(
Free Report)
Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.
The company's product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.
Further Reading
Want to see what other hedge funds are holding MCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercury General Corporation (NYSE:MCY - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Mercury General, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mercury General wasn't on the list.
While Mercury General currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Click the link to see our list of which EV stocks show the most long-term potential.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
