Mercury General Corporation $MCY Position Trimmed by Rhumbline Advisers

Key Points

• Rhumbline Advisers has reduced its stake in Mercury General Corporation by 4.1%, owning 74,127 shares valued at approximately $4.14 million as of the latest SEC filing.
• Mercury General recently announced a quarterly dividend of $0.3175, translating to an annualized yield of 1.6%, with a dividend payout ratio currently at 18.04%.
• Research analysts have upgraded their outlook on Mercury General, with a "strong-buy" rating and a target price of $90.00, reflecting increased confidence in the company's performance.

Rhumbline Advisers decreased its holdings in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,127 shares of the insurance provider's stock after selling 3,206 shares during the period. Rhumbline Advisers owned about 0.13% of Mercury General worth $4,144,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in Mercury General during the first quarter valued at $50,000. Quantbot Technologies LP bought a new stake in Mercury General during the first quarter valued at $141,000. Covestor Ltd increased its stake in Mercury General by 745.5% during the first quarter. Covestor Ltd now owns 2,545 shares of the insurance provider's stock valued at $142,000 after purchasing an additional 2,244 shares during the last quarter. Federated Hermes Inc. increased its stake in 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 purchasing an additional 604 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Mercury General during the first quarter valued at $205,000. Institutional investors own 42.39% of the company's stock.

Mercury General Stock Performance

Shares of MCY opened at $79.33 on Monday. The firm has a 50-day moving average price of $72.58 and a 200 day moving average price of $63.55. The firm has a market capitalization of $4.39 billion, a PE ratio of 11.27 and a beta of 0.98. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.29. Mercury General Corporation has a 52-week low of $44.19 and a 52-week high of $80.72.

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

Mercury General Dividend Announcement

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

Analyst Upgrades and Downgrades

MCY has been the subject of several recent research reports. Raymond James Financial restated 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, August 4th. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and a consensus 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.

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