Charles Schwab Investment Management Inc. lessened its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 5.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 407,857 shares of the insurance provider's stock after selling 21,888 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.74% of Mercury General worth $22,799,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in MCY. Castlekeep Investment Advisors LLC purchased a new position in Mercury General in the 4th quarter worth $113,252,000. Assenagon Asset Management S.A. purchased a new position in Mercury General in the 1st quarter worth $53,535,000. Westwood Holdings Group Inc. purchased a new position in Mercury General in the 1st quarter worth $27,485,000. Western Standard LLC purchased a new position in Mercury General in the 4th quarter worth $9,815,000. Finally, AQR Capital Management LLC increased its position in shares of Mercury General by 88.2% in the fourth quarter. AQR Capital Management LLC now owns 216,589 shares of the insurance provider's stock valued at $14,399,000 after acquiring an additional 101,488 shares during the period. Hedge funds and other institutional investors own 42.39% of the company's stock.
Mercury General Trading Down 0.2%
Shares of NYSE MCY traded down $0.12 during midday trading on Wednesday, hitting $77.74. 250,882 shares of the company traded hands, compared to its average volume of 299,040. Mercury General Corporation has a 12-month low of $44.19 and a 12-month high of $80.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50-day moving average price of $69.64 and a 200 day moving average price of $61.38. The firm has a market cap of $4.31 billion, a P/E ratio of 11.04 and a beta of 0.96.
Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $2.77. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.45 billion. As a group, analysts expect that Mercury General Corporation will post -0.5 earnings per share for the current year.
Mercury General Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be given a dividend of $0.3175 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.27 annualized dividend and a dividend yield of 1.6%. Mercury General's payout ratio is currently 18.04%.
Wall Street Analysts Forecast Growth
MCY has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Raymond James Financial restated a "strong-buy" rating and issued a $90.00 price objective (up previously from $80.00) on shares of Mercury General in a research report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average price target of $90.00.
Check Out Our Latest Research Report on MCY
About Mercury General
(
Free Report)
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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