Millennium Management LLC lowered its stake in shares of Mercury General Co. (NYSE:MCY - Free Report) by 33.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,585 shares of the insurance provider's stock after selling 50,925 shares during the period. Millennium Management LLC owned approximately 0.19% of Mercury General worth $6,820,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of Mercury General by 145.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock worth $37,000 after acquiring an additional 328 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Mercury General in the 4th quarter worth about $44,000. Sterling Capital Management LLC grew its position in Mercury General by 772.9% in the 4th quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock worth $49,000 after purchasing an additional 657 shares in the last quarter. Millstone Evans Group LLC bought a new position in shares of Mercury General during the 4th quarter valued at approximately $60,000. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Mercury General during the 4th quarter valued at approximately $68,000. Institutional investors and hedge funds own 42.39% of the company's stock.
Mercury General Trading Up 1.3%
Shares of MCY stock traded up $0.80 during mid-day trading on Friday, reaching $64.49. The stock had a trading volume of 332,387 shares, compared to its average volume of 410,806. The stock's 50-day moving average price is $56.61 and its two-hundred day moving average price is $59.41. Mercury General Co. has a 52-week low of $44.19 and a 52-week high of $80.72. The firm has a market capitalization of $3.57 billion, a PE ratio of 7.63 and a beta of 0.90. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.29.
Mercury General (NYSE:MCY - Get Free Report) last announced its earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share for the quarter, beating analysts' consensus estimates of ($4.00) by $1.71. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.36 billion. Mercury General had a net margin of 8.55% and a return on equity of 22.54%. Equities analysts expect that Mercury General Co. will post -0.5 earnings per share for the current fiscal year.
Mercury General Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $1.27 annualized dividend and a yield of 1.97%. Mercury General's dividend payout ratio (DPR) is presently 24.61%.
Wall Street Analyst Weigh In
Several brokerages have commented on MCY. Raymond James raised shares of Mercury General from an "outperform" rating to a "strong-buy" rating and raised their price target for the company from $70.00 to $80.00 in a report on Wednesday, February 12th. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Monday, May 12th.
Check Out Our Latest Stock Analysis 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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