Jefferies Financial Group Inc. Makes New $967,000 Investment in Mercury General Corporation (NYSE:MCY)

Key Points

• Jefferies Financial Group has acquired 17,296 shares of Mercury General Corporation, valued at approximately $967,000, in its first quarter SEC filing.
• Mercury General recently reported $2.67 EPS for the quarter, exceeding consensus estimates significantly, alongside a quarterly revenue of $1.48 billion.
• The company will issue a quarterly dividend of $0.3175 per share, with an annualized yield of 1.8%, payable on September 25th.

Jefferies Financial Group Inc. bought a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 17,296 shares of the insurance provider's stock, valued at approximately $967,000.

Several other institutional investors have also added to or reduced their stakes in the business. Sterling Capital Management LLC increased its stake in shares of Mercury General by 772.9% in the 4th quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock worth $49,000 after purchasing an additional 657 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Mercury General in the first quarter worth about $50,000. Federated Hermes Inc. raised its stake in shares of Mercury General by 23.5% in the fourth quarter. Federated Hermes Inc. now owns 2,453 shares of the insurance provider's stock worth $163,000 after buying an additional 466 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Mercury General during the 4th quarter valued at approximately $200,000. Finally, NDVR Inc. increased its holdings in Mercury General by 11.2% in the 4th quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock worth $246,000 after acquiring an additional 371 shares in the last quarter. 42.39% of the stock is currently owned by institutional investors.

Mercury General Price Performance

NYSE MCY traded up $0.52 during trading hours on Friday, reaching $70.86. The company's stock had a trading volume of 119,125 shares, compared to its average volume of 528,301. Mercury General Corporation has a 1 year low of $44.19 and a 1 year high of $80.72. 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 company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 10.07 and a beta of 0.96. The firm's 50-day moving average price is $66.85 and its 200-day moving average price is $58.99.

Mercury General (NYSE:MCY - Get Free Report) last issued 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. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.45 billion. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. On average, equities research analysts predict that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 11th. Mercury General's dividend payout ratio is 18.04%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Raymond James Financial reiterated a "strong-buy" rating and issued a $90.00 price target (up previously from $80.00) on shares of Mercury General in a research note on Monday.

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.