Rhumbline Advisers Sells 3,206 Shares of Mercury General Corporation $MCY

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 Mercury General Corporation (NYSE:MCY - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,127 shares of the insurance provider's stock after selling 3,206 shares during the quarter. Rhumbline Advisers owned 0.13% of Mercury General worth $4,144,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in Mercury General in the 1st quarter worth about $384,000. Convergence Financial LLC acquired a new stake in Mercury General in the 1st quarter worth about $232,000. Dimensional Fund Advisors LP raised its stake in Mercury General by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,105,976 shares of the insurance provider's stock worth $117,723,000 after purchasing an additional 49,155 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Mercury General by 5.2% in the 4th quarter. Point72 Asset Management L.P. now owns 218,312 shares of the insurance provider's stock worth $14,513,000 after purchasing an additional 10,812 shares in the last quarter. Finally, Baird Financial Group Inc. raised its stake in Mercury General by 12.7% in the 1st quarter. Baird Financial Group Inc. now owns 168,626 shares of the insurance provider's stock worth $9,426,000 after purchasing an additional 18,948 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company's stock.

Mercury General Stock Down 0.1%

MCY traded down $0.04 during trading on Friday, hitting $79.27. 493,055 shares of the company's stock were exchanged, compared to its average volume of 197,385. The business's 50 day moving average is $73.82 and its two-hundred day moving average is $64.25. The stock has a market cap of $4.39 billion, a P/E ratio of 11.26 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 fifty-two week low of $44.19 and a fifty-two 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 EPS for the quarter, beating the consensus estimate of ($0.10) by $2.77. The company had revenue of $1.48 billion during 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%. As a group, equities analysts expect that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently announced 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. This represents a $1.27 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, September 11th. Mercury General's dividend payout ratio (DPR) is currently 18.04%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Raymond James Financial reiterated a "strong-buy" rating and set a $90.00 price objective (up from $80.00) on shares of Mercury General in a research report on Monday, August 4th. Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, Mercury General has a consensus rating of "Strong Buy" and a consensus price target of $90.00.

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.