Mercury General Corporation $MCY Shares Bought by Bank of America Corp DE

Bank of America Corp DE boosted its position in Mercury General Corporation (NYSE:MCY - Free Report) by 85.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,938 shares of the insurance provider's stock after acquiring an additional 34,586 shares during the quarter. Bank of America Corp DE owned 0.14% of Mercury General worth $6,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System grew its stake in Mercury General by 29.4% during the first quarter. California State Teachers Retirement System now owns 33,853 shares of the insurance provider's stock worth $2,984,000 after buying an additional 7,693 shares during the period. Royal Bank of Canada increased its position in shares of Mercury General by 35.5% in the 1st quarter. Royal Bank of Canada now owns 24,010 shares of the insurance provider's stock worth $2,116,000 after purchasing an additional 6,292 shares during the last quarter. Rubric Capital Management LP raised its stake in Mercury General by 4.9% during the first quarter. Rubric Capital Management LP now owns 2,154,504 shares of the insurance provider's stock valued at $189,920,000 after buying an additional 100,000 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Mercury General by 5.1% during the 1st quarter. Quantinno Capital Management LP now owns 14,283 shares of the insurance provider's stock valued at $1,259,000 after acquiring an additional 698 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp lifted its position in shares of Mercury General by 11.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 14,500 shares of the insurance provider's stock worth $1,278,000 after buying an additional 1,500 shares during the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Performance

Shares of MCY opened at $104.69 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. The firm's 50 day moving average is $106.79 and its 200-day moving average is $98.63. Mercury General Corporation has a 12-month low of $74.29 and a 12-month high of $113.06. The stock has a market capitalization of $5.80 billion, a P/E ratio of 6.19 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.52 billion. Equities research analysts anticipate that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on MCY shares. Weiss Ratings restated a "buy (b)" rating on shares of Mercury General in a research report on Thursday, June 4th. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 4th. Finally, Zacks Research upgraded shares of Mercury General from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and a consensus price target of $100.00.

Mercury General Profile

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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