Proficio Capital Partners LLC Invests $3.39 Million in Mercury General Corporation $MCY

Key Points

• Proficio Capital Partners bought 31,801 shares of Mercury General worth approximately $3.39 million, while institutional investors collectively owned 42.39% of the insurer.
• Mercury General reported quarterly EPS of $3.52, exceeding analysts’ $2.53 estimate, and revenue of $1.68 billion versus expectations of $1.52 billion.
• The company announced a quarterly dividend of $0.3175 per share, or $1.27 annualized, and analysts maintained a bullish consensus rating of “Strong Buy.”

Proficio Capital Partners LLC purchased a new stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 31,801 shares of the insurance provider's stock, valued at approximately $3,391,000. Proficio Capital Partners LLC owned approximately 0.06% of Mercury General as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Principal Financial Group Inc. grew its holdings in shares of Mercury General by 40.5% in the first quarter. Principal Financial Group Inc. now owns 178,064 shares of the insurance provider's stock worth $15,696,000 after acquiring an additional 51,336 shares during the period. BlackRock Inc. bought a new position in Mercury General in the second quarter valued at about $479,604,000. Legato Capital Management LLC bought a new position in Mercury General in the fourth quarter valued at about $538,000. Ieq Capital LLC purchased a new position in Mercury General in the second quarter worth about $5,429,000. Finally, First Trust Advisors LP grew its stake in shares of Mercury General by 32.2% during the 1st quarter. First Trust Advisors LP now owns 62,181 shares of the insurance provider's stock valued at $5,481,000 after purchasing an additional 15,139 shares during the period. Institutional investors own 42.39% of the company's stock.

Mercury General Trading Up 0.2%

Mercury General stock opened at $104.69 on Thursday. Mercury General Corporation has a 12-month low of $74.29 and a 12-month high of $113.06. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 6.19 and a beta of 0.90. The firm has a 50 day moving average of $106.79 and a 200 day moving average of $98.63. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.52 billion. As a group, research analysts predict that Mercury General Corporation will post 12.75 earnings per share for the current year.

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General's dividend payout ratio (DPR) is presently 7.51%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCY shares. Zacks Research upgraded shares of Mercury General from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 18th. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 4th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercury General in a report on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, Mercury General has a consensus rating of "Strong Buy" and a consensus target price of $100.00.

Mercury General Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company's product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.

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