Mercury General Corporation $MCY Stock Holdings Lowered by Inspire Investing LLC

Key Points

• Inspire Investing cut its Mercury General stake by 77.1% in the third quarter, selling 21,700 shares and retaining 6,434 shares valued at approximately $636,000.
• Institutional ownership remains significant at 42.39%, with several major investors initiating new positions during the second quarter.
• Analysts are broadly bullish, with Mercury General carrying an average “Strong Buy” rating. The company also exceeded quarterly earnings and revenue estimates, reporting $3.52 in EPS and $1.68 billion in revenue.

Inspire Investing LLC lowered its position in Mercury General Corporation (NYSE:MCY - Free Report) by 77.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,434 shares of the insurance provider's stock after selling 21,700 shares during the period. Inspire Investing LLC's holdings in Mercury General were worth $636,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MCY. Bank of America Corp DE acquired a new position in Mercury General in the second quarter valued at about $7,424,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Mercury General during the second quarter worth about $1,733,000. The Manufacturers Life Insurance Company bought a new position in shares of Mercury General during the 2nd quarter valued at about $1,634,000. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of Mercury General during the 2nd quarter valued at about $6,738,384. Finally, Hsbc Holdings PLC acquired a new position in shares of Mercury General in the 2nd quarter valued at approximately $2,060,000. Institutional investors and hedge funds own 42.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Mercury General in a research report on Tuesday, September 1st. Finally, Zacks Research upgraded shares of Mercury General from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, Mercury General currently has an average rating of "Strong Buy".

Mercury General Price Performance

NYSE MCY opened at $102.52 on Friday. The firm's 50 day moving average is $102.26 and its 200-day moving average is $98.48. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $5.68 billion, a PE ratio of 6.06 and a beta of 0.89. Mercury General Corporation has a 12-month low of $74.29 and a 12-month high of $113.06.

Mercury General (NYSE:MCY - Get Free Report) last released its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. Equities research analysts anticipate that Mercury General Corporation will post 13.25 earnings per share for the current fiscal year.

Mercury General Company Profile

Mercury General Corporation NYSE: MCY is an insurance holding company that writes personal and commercial property and casualty insurance through its subsidiaries. The company is best known for automobile insurance, offering coverage such as liability, collision, comprehensive and uninsured or underinsured motorist protection.

Its product portfolio also includes homeowners, renters, condominium, mobile-home and umbrella insurance, as well as commercial automobile coverage and other related property and casualty products.

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