Martingale Asset Management L P Trims Stock Position in Mercury General Corporation $MCY

Key Points

• Martingale Asset Management L P decreased its holdings in Mercury General Corporation by 27.0%, reducing its shares to 37,610 worth approximately $2.1 million.
• Analysts have set a new price target of $90.00 for Mercury General, with a consensus rating of "Strong Buy."
• Mercury General's recent earnings report indicated an EPS of $2.67, significantly surpassing analysts' expectations, alongside a quarterly dividend announcement of $0.3175 per share.

Martingale Asset Management L P cut its stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 27.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,610 shares of the insurance provider's stock after selling 13,901 shares during the period. Martingale Asset Management L P owned 0.07% of Mercury General worth $2,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of Mercury General by 6.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 5,542 shares of the insurance provider's stock valued at $368,000 after buying an additional 353 shares during the period. NDVR Inc. boosted its position in shares of Mercury General by 11.2% during the fourth quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock valued at $246,000 after buying an additional 371 shares during the period. Trajan Wealth LLC boosted its position in shares of Mercury General by 14.7% during the first quarter. Trajan Wealth LLC now owns 3,877 shares of the insurance provider's stock valued at $217,000 after buying an additional 498 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Mercury General by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,233 shares of the insurance provider's stock valued at $1,013,000 after buying an additional 588 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Mercury General by 24.6% during the first quarter. Federated Hermes Inc. now owns 3,057 shares of the insurance provider's stock valued at $171,000 after buying an additional 604 shares during the period. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Mercury General Stock Down 0.2%

Shares of MCY traded down $0.12 during mid-day trading on Wednesday, hitting $77.74. The company's stock had a trading volume of 250,878 shares, compared to its average volume of 506,199. The company's 50-day moving average is $69.34 and its 200-day moving average is $61.27. Mercury General Corporation has a 52-week low of $44.19 and a 52-week high of $80.72. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 11.04 and a beta of 0.96. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate 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 forecast that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors 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 dividend on an annualized basis and a yield of 1.6%. Mercury General's dividend payout ratio is currently 18.04%.

Mercury General 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.