Renaissance Technologies LLC Sells 57,800 Shares of Mercury General Corporation $MCY

Key Points

• Renaissance Technologies reduced its Mercury General stake by 6.6%, selling 57,800 shares and retaining 823,582 shares valued at approximately $72.6 million. Institutional investors collectively own 42.39% of the insurer.
• Mercury General reported strong quarterly results, with EPS of $3.50 versus the $2.15 consensus and revenue of $1.54 billion, exceeding expectations of $1.46 billion.
• The company paid a quarterly dividend of $0.3175 per share, or $1.27 annualized, representing a 1.2% yield. Analysts maintain an overall “Buy” rating, although the average price target of $100 is below the stock’s recent $106.97 price.

Renaissance Technologies LLC decreased its stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 823,582 shares of the insurance provider's stock after selling 57,800 shares during the period. Renaissance Technologies LLC owned 1.49% of Mercury General worth $72,599,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Park West Asset Management LLC bought a new position in shares of Mercury General in the third quarter worth about $23,953,000. Rubric Capital Management LP grew its stake in shares of Mercury General by 12.8% during the second quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider's stock valued at $138,350,000 after purchasing an additional 232,721 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Mercury General by 2,513.7% in the second quarter. Sei Investments Co. now owns 157,893 shares of the insurance provider's stock valued at $10,633,000 after purchasing an additional 151,852 shares in the last quarter. Philosophy Capital Management LLC acquired a new stake in shares of Mercury General in the third quarter valued at approximately $11,778,000. Finally, Two Sigma Investments LP raised its position in Mercury General by 45.1% in the 3rd quarter. Two Sigma Investments LP now owns 229,994 shares of the insurance provider's stock worth $19,499,000 after purchasing an additional 71,454 shares during the last quarter. Institutional investors own 42.39% of the company's stock.

Mercury General Trading Down 0.3%

MCY opened at $106.97 on Monday. The firm has a 50 day simple moving average of $103.94 and a 200 day simple moving average of $95.80. Mercury General Corporation has a fifty-two week low of $66.57 and a fifty-two week high of $113.06. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 7.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.44 and a quick ratio of 0.44.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $1.35. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.46 billion. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. On average, sell-side analysts anticipate that Mercury General Corporation will post 11.5 earnings per share for the current year.

Mercury General Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were paid a dividend of $0.3175 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. Mercury General's payout ratio is 8.37%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Zacks Research lowered Mercury General from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercury General in a research note on Thursday, June 4th. Finally, Wall Street Zen upgraded Mercury General from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target 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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