Invesco Ltd. Sells 142,134 Shares of Mercury General Corporation $MCY

Key Points

• Invesco Ltd. has reduced its stake in Mercury General Corporation by 19.6%, selling 142,134 shares and now owning 583,609 shares valued at approximately $32.6 million.
• Mercury General recently announced a dividend of $0.3175 per share, with a 1.7% yield and a dividend payout ratio of 18.04%.
• The company's stock price is currently at $73.22, down 1.3%, with a market capitalization of $4.06 billion and strong recent earnings report showing $2.67 EPS, surpassing expectations.

Invesco Ltd. lessened its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 19.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 583,609 shares of the insurance provider's stock after selling 142,134 shares during the quarter. Invesco Ltd. owned 1.05% of Mercury General worth $32,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in Mercury General in the 1st quarter valued at $384,000. Convergence Financial LLC bought a new position in Mercury General in the 1st quarter valued at $232,000. Point72 Asset Management L.P. grew its stake in Mercury General by 5.2% in the 4th quarter. Point72 Asset Management L.P. now owns 218,312 shares of the insurance provider's stock valued at $14,513,000 after purchasing an additional 10,812 shares during the period. Raymond James Financial Inc. bought a new position in Mercury General in the 4th quarter valued at $2,595,000. Finally, CWM LLC grew its stake in Mercury General by 157.0% in the 1st quarter. CWM LLC now owns 10,430 shares of the insurance provider's stock valued at $583,000 after purchasing an additional 6,372 shares during the period. Institutional investors own 42.39% of the company's stock.

Mercury General Stock Down 1.3%

Shares of NYSE MCY opened at $73.22 on Tuesday. Mercury General Corporation has a one year low of $44.19 and a one year high of $80.72. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.43. The business's fifty day moving average price is $68.03 and its 200-day moving average price is $60.27. The stock has a market capitalization of $4.06 billion, a PE ratio of 10.40 and a beta of 0.96.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, beating 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 analysts' expectations of $1.45 billion. On average, equities research analysts anticipate that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be paid a $0.3175 dividend. The ex-dividend date is Thursday, September 11th. This represents a $1.27 annualized dividend and a yield of 1.7%. Mercury General's dividend payout ratio (DPR) is currently 18.04%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MCY. Raymond James Financial restated a "strong-buy" rating and issued a $90.00 price objective (up previously from $80.00) on shares of Mercury General in a research note on Monday, August 4th. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd.

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.

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