Jacobs Levy Equity Management Inc. Sells 97,987 Shares of Mercury General Corporation $MCY

Key Points

• Jacobs Levy Equity Management Inc. has decreased its stake in Mercury General Corporation by 26.5%, holding approximately 0.49% of the company, valued at $15.2 million after selling nearly 98,000 shares.
• Mercury General's shares are currently rated as a "Strong Buy" by analysts, with a consensus target price of $90.00, following positive earnings results that beat estimates.
• The company announced a quarterly dividend of $0.3175 per share, representing an annualized dividend yield of 1.6%, with a payout ratio of 18.04%.

Jacobs Levy Equity Management Inc. decreased its position in Mercury General Corporation (NYSE:MCY - Free Report) by 26.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 272,153 shares of the insurance provider's stock after selling 97,987 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.49% of Mercury General worth $15,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in Mercury General by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,105,976 shares of the insurance provider's stock valued at $117,723,000 after buying an additional 49,155 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Mercury General in the 1st quarter valued at approximately $53,535,000. Westwood Holdings Group Inc. acquired a new stake in Mercury General in the 1st quarter valued at approximately $27,485,000. American Century Companies Inc. grew its holdings in Mercury General by 32.9% in the 1st quarter. American Century Companies Inc. now owns 405,464 shares of the insurance provider's stock valued at $22,665,000 after buying an additional 100,472 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Mercury General by 57.0% in the 1st quarter. AQR Capital Management LLC now owns 340,029 shares of the insurance provider's stock valued at $19,008,000 after buying an additional 123,440 shares during the last quarter. Institutional investors and hedge funds own 42.39% of the company's stock.

Mercury General Price Performance

MCY stock traded down $0.13 during trading on Friday, hitting $78.90. The company had a trading volume of 36,659 shares, compared to its average volume of 486,051. The company has a fifty day moving average price of $72.34 and a two-hundred day moving average price of $63.24. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29. The company has a market cap of $4.37 billion, a P/E ratio of 11.22 and a beta of 0.98. Mercury General Corporation has a fifty-two week low of $44.19 and a fifty-two week high of $80.72.

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

Mercury General Announces Dividend

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

Wall Street Analyst Weigh In

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

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.