Nuveen Asset Management LLC Sells 61,091 Shares of Mercury General Co. (NYSE:MCY)

Nuveen Asset Management LLC lessened its stake in Mercury General Co. (NYSE:MCY - Free Report) by 45.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,633 shares of the insurance provider's stock after selling 61,091 shares during the period. Nuveen Asset Management LLC owned approximately 0.13% of Mercury General worth $4,829,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MCY. Barclays PLC grew its position in Mercury General by 319.9% during the third quarter. Barclays PLC now owns 46,557 shares of the insurance provider's stock valued at $2,931,000 after buying an additional 35,470 shares during the period. Blue Trust Inc. grew its position in shares of Mercury General by 68.9% during the 4th quarter. Blue Trust Inc. now owns 1,944 shares of the insurance provider's stock valued at $122,000 after acquiring an additional 793 shares during the period. KBC Group NV increased its stake in shares of Mercury General by 58.6% in the 4th quarter. KBC Group NV now owns 1,299 shares of the insurance provider's stock worth $86,000 after purchasing an additional 480 shares in the last quarter. Highland Capital Management LLC purchased a new stake in shares of Mercury General in the 4th quarter worth $242,000. Finally, Precision Wealth Strategies LLC bought a new position in Mercury General in the 4th quarter worth $424,000. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

Mercury General Price Performance

Shares of NYSE MCY traded down $0.19 during mid-day trading on Tuesday, reaching $65.52. The company's stock had a trading volume of 122,453 shares, compared to its average volume of 410,338. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.34 and a quick ratio of 0.34. Mercury General Co. has a 52 week low of $44.19 and a 52 week high of $80.72. The stock has a fifty day moving average of $56.80 and a two-hundred day moving average of $59.27. The firm has a market capitalization of $3.63 billion, a PE ratio of 7.75 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) EPS for the quarter, topping the consensus estimate of ($4.00) by $1.71. The business had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.36 billion. Mercury General had a net margin of 8.55% and a return on equity of 22.54%. As a group, sell-side analysts anticipate that Mercury General Co. will post -0.5 EPS for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.3175 per share. The ex-dividend date is Thursday, June 12th. This represents a $1.27 annualized dividend and a yield of 1.94%. Mercury General's dividend payout ratio (DPR) is currently 24.61%.

Wall Street Analysts Forecast Growth

MCY has been the subject of a number of analyst reports. Raymond James upgraded Mercury General from an "outperform" rating to a "strong-buy" rating and upped their price target for the stock from $70.00 to $80.00 in a research report on Wednesday, February 12th. Wall Street Zen raised shares of Mercury General from a "hold" rating to a "buy" rating in a report on Monday, May 12th.

Mercury General Company Profile

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.