Ieq Capital LLC Makes New $5.43 Million Investment in Mercury General Corporation $MCY

Key Points

• Ieq Capital LLC acquired 50,918 shares of Mercury General worth approximately $5.43 million in the second quarter, giving it a 0.09% stake. Institutional investors collectively own 42.39% of the insurer.
• Mercury General reported quarterly EPS of $3.52, beating estimates of $2.53, while revenue reached $1.68 billion versus the expected $1.52 billion.
• The company declared a quarterly dividend of $0.3175, or $1.27 annualized, yielding approximately 1.2%. Analysts maintain a “Strong Buy” consensus, although their average price target of $100 is below the stock’s reported $105.77 price.

Ieq Capital LLC bought a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 50,918 shares of the insurance provider's stock, valued at approximately $5,429,000. Ieq Capital LLC owned 0.09% of Mercury General as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP purchased a new position in shares of Mercury General during the second quarter valued at approximately $35,000. Hilton Head Capital Partners LLC purchased a new stake in Mercury General in the fourth quarter worth approximately $38,000. Mcguire Capital Advisors Inc. purchased a new stake in Mercury General in the fourth quarter worth approximately $40,000. IFP Advisors Inc boosted its holdings in Mercury General by 79.4% in the fourth quarter. IFP Advisors Inc now owns 506 shares of the insurance provider's stock worth $48,000 after purchasing an additional 224 shares during the last quarter. Finally, State of Wyoming bought a new stake in Mercury General in the 2nd quarter worth approximately $78,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Mercury General Price Performance

Shares of Mercury General stock opened at $105.77 on Monday. The stock's 50-day simple moving average is $106.58 and its 200-day simple moving average is $98.35. Mercury General Corporation has a 52 week low of $74.29 and a 52 week high of $113.06. The company has a market capitalization of $5.86 billion, a price-to-earnings ratio of 6.25 and a beta of 0.90. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33.

Mercury General (NYSE:MCY - Get Free Report) last released its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.99. The firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.52 billion. Mercury General had a return on equity of 31.98% and a net margin of 14.77%. As a group, analysts expect that Mercury General Corporation will post 12.75 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, September 10th. Mercury General's dividend payout ratio is presently 7.51%.

Wall Street Analyst Weigh In

MCY has been the subject of a number of research reports. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 4th. Zacks Research upgraded Mercury General from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercury General in a report on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Strong Buy" and an average price target of $100.00.

Mercury General Company Profile

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.

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