Mercury General Corporation $MCY Shares Sold by Invesco Ltd.

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. trimmed 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 institutional investor owned 583,609 shares of the insurance provider's stock after selling 142,134 shares during the quarter. Invesco Ltd. owned about 1.05% of Mercury General worth $32,624,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in Mercury General by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,056,821 shares of the insurance provider's stock worth $136,739,000 after buying an additional 16,299 shares in the last quarter. Castlekeep Investment Advisors LLC bought a new position in Mercury General in the 4th quarter worth approximately $113,252,000. Assenagon Asset Management S.A. bought a new position in Mercury General in the 1st quarter worth approximately $53,535,000. Westwood Holdings Group Inc. bought a new position in Mercury General in the 1st quarter worth approximately $27,485,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Mercury General by 0.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 370,140 shares of the insurance provider's stock worth $24,607,000 after buying an additional 1,835 shares in the last quarter. 42.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Mercury General Price Performance

Mercury General stock traded up $0.5250 during midday trading on Friday, hitting $76.4950. The company's stock had a trading volume of 242,949 shares, compared to its average volume of 289,517. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.29. The stock's 50-day moving average price is $68.85 and its 200-day moving average price is $60.90. Mercury General Corporation has a 12 month low of $44.19 and a 12 month high of $80.72. The company has a market capitalization of $4.24 billion, a PE ratio of 10.87 and a beta of 0.96.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.45 billion. Analysts anticipate that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 11th. Mercury General's dividend payout ratio is 18.04%.

Mercury General Company 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.