Intech Investment Management LLC Buys 30,244 Shares of Mercury General Corporation $MCY

Key Points

• Intech Investment Management LLC increased its stake in Mercury General Corporation by 108.2% in the first quarter, now holding 58,198 shares valued at approximately $3,253,000.
• Mercury General recently reported earnings of $2.67 EPS for the quarter, significantly exceeding analysts' expectations, and announced a quarterly dividend of $0.3175 per share.
• Several analysts upgraded their ratings for Mercury General, with Raymond James issuing a strong-buy rating and raising the price target to $90.00, reflecting a positive outlook on the stock.

Intech Investment Management LLC lifted its holdings in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 108.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,198 shares of the insurance provider's stock after buying an additional 30,244 shares during the period. Intech Investment Management LLC owned about 0.11% of Mercury General worth $3,253,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MCY. Assenagon Asset Management S.A. acquired a new stake in Mercury General in the 1st quarter valued at about $53,535,000. Westwood Holdings Group Inc. bought a new position in shares of Mercury General during the first quarter worth approximately $27,485,000. Nuveen LLC bought a new position in shares of Mercury General during the first quarter worth approximately $12,515,000. Western Standard LLC bought a new position in Mercury General in the fourth quarter valued at approximately $9,815,000. Finally, AQR Capital Management LLC increased its stake in Mercury General by 57.0% in the first quarter. AQR Capital Management LLC now owns 340,029 shares of the insurance provider's stock valued at $19,008,000 after acquiring an additional 123,440 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on MCY shares. Raymond James Financial reaffirmed a "strong-buy" rating and set a $90.00 target price (up previously from $80.00) on shares of Mercury General in a research note on Monday, August 4th. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Mercury General presently has a consensus rating of "Strong Buy" and an average target price of $90.00.

Mercury General Stock Up 2.2%

Shares of MCY traded up $1.70 on Thursday, reaching $79.36. The company's stock had a trading volume of 202,001 shares, compared to its average volume of 202,902. Mercury General Corporation has a twelve month low of $44.19 and a twelve month high of $80.72. The firm has a fifty day moving average of $73.56 and a 200-day moving average of $64.08. The stock has a market capitalization of $4.40 billion, a PE ratio of 11.27 and a beta of 0.98. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29.

Mercury General (NYSE:MCY - Get Free Report) last announced its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $2.77. Mercury General had a return on equity of 16.61% and a net margin of 6.76%.The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.45 billion. Equities analysts predict that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Thursday, September 11th. Mercury General's payout ratio is presently 18.04%.

About Mercury General

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.