Jupiter Topco LLC Takes $1.30 Million Position in Mercury General Corporation $MCY

Key Points

• Jupiter Topco LLC acquired a new $1.30 million stake in Mercury General, purchasing 12,161 shares during the second quarter. Institutional investors collectively own 42.39% of the insurer.
• Mercury General reported strong quarterly results, with EPS of $3.52 versus the $2.53 consensus estimate and revenue of $1.68 billion, ahead of expectations.
• The company announced a quarterly dividend of $0.3175 per share, equivalent to a $1.27 annualized payout and a 1.2% yield. Analysts maintain a bullish outlook, with a consensus “Strong Buy” rating.

Jupiter Topco LLC purchased a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,161 shares of the insurance provider's stock, valued at approximately $1,298,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Allworth Financial LP bought a new stake in Mercury General during the second quarter valued at about $35,000. Hilton Head Capital Partners LLC bought a new position in shares of Mercury General in the fourth quarter worth about $38,000. Mcguire Capital Advisors Inc. bought a new position in shares of Mercury General in the fourth quarter worth about $40,000. IFP Advisors Inc lifted its position in shares of Mercury General by 79.4% during the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider's stock valued at $48,000 after buying an additional 224 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Mercury General during the 2nd quarter valued at about $78,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Mercury General Trading Down 1.6%

MCY stock opened at $104.34 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. Mercury General Corporation has a 1-year low of $74.29 and a 1-year high of $113.06. The business has a 50 day simple moving average of $106.58 and a two-hundred day simple moving average of $99.05. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 6.17 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.52 billion. Research analysts anticipate that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, September 10th. Mercury General's dividend payout ratio is currently 7.51%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Zacks Research raised shares of Mercury General from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 18th. Weiss Ratings reiterated a "buy (b)" rating on shares of Mercury General in a research report on Tuesday. Finally, Wall Street Zen raised shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and an average target price of $100.00.

About Mercury General

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company's product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.

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