Mercury General Corporation $MCY Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Mercury General Corporation by 2.0% in Q1, resulting in ownership of 273,683 shares valued at approximately $15.3 million.
• Mercury General recently reported an EPS of $2.67 for Q2, significantly surpassing analyst expectations, alongside a revenue of $1.48 billion.
• The company announced a quarterly dividend of $0.3175 per share, representing an annualized yield of 1.6%, set to be paid on September 25th.

Northern Trust Corp lessened its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,683 shares of the insurance provider's stock after selling 5,588 shares during the period. Northern Trust Corp owned about 0.49% of Mercury General worth $15,299,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Algert Global LLC grew its holdings in Mercury General by 270.6% in the first quarter. Algert Global LLC now owns 94,181 shares of the insurance provider's stock valued at $5,265,000 after purchasing an additional 68,766 shares during the period. American Century Companies Inc. lifted its position in shares of Mercury General by 32.9% during the 1st quarter. American Century Companies Inc. now owns 405,464 shares of the insurance provider's stock valued at $22,665,000 after buying an additional 100,472 shares in the last quarter. Brandywine Global Investment Management LLC acquired a new stake in Mercury General in the 1st quarter valued at $1,688,000. Dimensional Fund Advisors LP increased its holdings 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 acquiring an additional 49,155 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Mercury General during the first quarter worth $1,110,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Mercury General Price Performance

Mercury General stock opened at $77.12 on Wednesday. The company has a fifty day simple moving average of $70.67 and a 200-day simple moving average of $62.10. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 10.95 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 released its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, beating analysts' consensus estimates 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%. On average, equities analysts anticipate that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.6%. Mercury General's dividend payout ratio (DPR) is presently 18.04%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MCY shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $90.00 target price (up previously 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 research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Strong Buy" and an average target price of $90.00.

About Mercury General

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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