American Century Companies Inc. Has $22.67 Million Stock Position in Mercury General Corporation $MCY

Key Points

• American Century Companies Inc. increased its stake in Mercury General Corporation by 32.9%, acquiring over 100,000 shares and holding approximately 0.73% of the company worth $22.67 million.
• Mercury General announced a quarterly dividend of $0.3175 per share, yielding 1.7%, to be paid on September 25th to shareholders of record on September 11th.
• Wall Street analysts have a consensus rating of "Strong Buy" for Mercury General, with a target price increased to $90.00.

American Century Companies Inc. boosted its position in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 32.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 405,464 shares of the insurance provider's stock after acquiring an additional 100,472 shares during the period. American Century Companies Inc. owned approximately 0.73% of Mercury General worth $22,665,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCY. Castlekeep Investment Advisors LLC bought a new position in Mercury General during the fourth quarter valued at about $113,252,000. Assenagon Asset Management S.A. bought a new position in Mercury General during the first quarter valued at about $53,535,000. Westwood Holdings Group Inc. bought a new position in Mercury General during the first quarter valued at about $27,485,000. Nuveen LLC bought a new position in Mercury General during the first quarter valued at about $12,515,000. Finally, Western Standard LLC bought a new position in Mercury General during the fourth quarter valued at about $9,815,000. 42.39% of the stock is currently owned by institutional investors.

Mercury General Price Performance

Shares of MCY traded up $0.10 on Friday, hitting $77.23. The company's stock had a trading volume of 173,165 shares, compared to its average volume of 260,357. The company has a market capitalization of $4.28 billion, a PE ratio of 10.97 and a beta of 0.96. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.43. 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 50 day moving average price of $70.19 and a 200 day moving average price of $61.75.

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, topping the consensus estimate of ($0.10) by $2.77. Mercury General had a return on equity of 16.61% and a net margin of 6.76%.The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.45 billion. On average, research analysts anticipate that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be given a $0.3175 dividend. 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 presently 18.04%.

Analyst Upgrades and Downgrades

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