Jupiter Asset Management Ltd. Invests $509,000 in Mercury General Corporation (NYSE:MCY)

Key Points

• Jupiter Asset Management Ltd. acquired 9,104 shares of Mercury General Corporation, representing a new stake valued at approximately $509,000.
• Mercury General's most recent earnings report showed a significant beat, with $2.67 earnings per share compared to an estimated loss, prompting analysts to adjust price targets upward.
• The company announced a quarterly dividend of $0.3175 per share, which translates to an annualized yield of 1.8% and reflects a modest payout ratio of 18.04%.

Jupiter Asset Management Ltd. acquired a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,104 shares of the insurance provider's stock, valued at approximately $509,000.

Several other large investors have also recently bought and sold shares of the company. Sterling Capital Management LLC boosted its position in shares of Mercury General by 772.9% during the fourth 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. bought a new stake in shares of Mercury General in the 1st quarter valued at $50,000. Federated Hermes Inc. raised its stake in Mercury General by 23.5% during the 4th 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 Mercury General during the fourth quarter worth about $200,000. Finally, NDVR Inc. grew its stake in Mercury General by 11.2% in the fourth quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock valued at $246,000 after acquiring an additional 371 shares during the period. Institutional investors own 42.39% of the company's stock.

Mercury General Stock Up 0.8%

Shares of NYSE:MCY traded up $0.54 during midday trading on Friday, reaching $70.88. 141,698 shares of the company were exchanged, compared to its average volume of 528,398. Mercury General Corporation has a fifty-two week low of $44.19 and a fifty-two week 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 stock has a fifty day simple moving average of $66.85 and a two-hundred day simple moving average of $58.99. The firm has a market cap of $3.93 billion, a PE ratio of 10.07 and a beta of 0.96.

Mercury General (NYSE:MCY - Get Free Report) last released its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share (EPS) 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 analysts' expectations of $1.45 billion. Mercury General had a return on equity of 16.61% and a net margin of 6.76%. As a group, sell-side analysts forecast that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Announces Dividend

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

Analyst Ratings Changes

MCY has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating and set a $90.00 price target (up previously from $80.00) on shares of Mercury General in a research report on Monday. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd.

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.