GSA Capital Partners LLP Acquires Shares of 19,294 Mercury General Corporation (NYSE:MCY)

Key Points

• GSA Capital Partners LLP acquired 19,294 shares of Mercury General Corporation, valued at approximately $1,079,000, during the first quarter.
• Mercury General's recent earnings report showed an EPS of $2.67 for the quarter, significantly exceeding the consensus estimate of ($0.10).
• The company announced a quarterly dividend of $0.3175 per share, with a yield of 1.8%, to be distributed on September 25th.

GSA Capital Partners LLP acquired a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,294 shares of the insurance provider's stock, valued at approximately $1,079,000.

Other institutional investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its holdings in Mercury General by 772.9% during the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 657 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Mercury General during the first quarter valued at approximately $50,000. Federated Hermes Inc. boosted its holdings in Mercury General by 23.5% during the fourth quarter. Federated Hermes Inc. now owns 2,453 shares of the insurance provider's stock valued at $163,000 after purchasing an additional 466 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Mercury General during the fourth quarter valued at approximately $200,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Mercury General in the 1st quarter worth approximately $227,000. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Down 2.1%

Shares of MCY opened at $69.20 on Friday. The company has a market capitalization of $3.83 billion, a P/E ratio of 9.83 and a beta of 0.96. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.51. Mercury General Corporation has a one year low of $44.19 and a one year high of $80.72. The business's 50 day simple moving average is $65.90 and its 200-day simple moving average is $58.28.

Mercury General (NYSE:MCY - Get Free Report) last announced its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, topping the consensus estimate 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 return on equity of 16.61% and a net margin of 6.76%. As a group, sell-side analysts predict that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Dividend Announcement

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

Analyst Ratings Changes

Separately, Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a report on Monday, May 12th.

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.

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