Russell Investments Group Ltd. Has $3.59 Million Position in Mercury General Corporation $MCY

Key Points

• Russell Investments Group Ltd. reduced its stake in Mercury General Corporation by 14.8%, now holding approximately $3.59 million worth of shares.
• Mercury General reported earnings of $2.67 EPS in its latest quarter, significantly exceeding estimates, with a projected -0.5 EPS for the current fiscal year.
• The company announced a quarterly dividend of $0.3175 per share, with a dividend yield of 1.7% and a payout ratio of 18.04%.

Russell Investments Group Ltd. decreased its stake in Mercury General Corporation (NYSE:MCY - Free Report) by 14.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,237 shares of the insurance provider's stock after selling 11,163 shares during the period. Russell Investments Group Ltd. owned 0.12% of Mercury General worth $3,591,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new stake in Mercury General in the first quarter valued at approximately $384,000. Convergence Financial LLC acquired a new position in shares of Mercury General in the 1st quarter worth approximately $232,000. Point72 Asset Management L.P. boosted its stake in shares of Mercury General by 5.2% in the 4th quarter. Point72 Asset Management L.P. now owns 218,312 shares of the insurance provider's stock valued at $14,513,000 after purchasing an additional 10,812 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Mercury General in the 4th quarter valued at $2,595,000. Finally, CWM LLC increased its position in shares of Mercury General by 157.0% during the first quarter. CWM LLC now owns 10,430 shares of the insurance provider's stock worth $583,000 after buying an additional 6,372 shares during the period. 42.39% of the stock is currently owned by institutional investors.

Mercury General Price Performance

Shares of NYSE MCY opened at $76.4950 on Friday. The firm has a market capitalization of $4.24 billion, a P/E ratio of 10.87 and a beta of 0.96. The firm's 50-day moving average price is $68.85 and its 200-day moving average price is $60.90. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72.

Mercury General (NYSE:MCY - Get Free Report) last issued its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, beating the consensus estimate of ($0.10) by $2.77. Mercury General had a return on equity of 16.61% and a net margin of 6.76%.The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.45 billion. Equities research analysts anticipate that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.3175 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.27 annualized dividend and a dividend yield of 1.7%. Mercury General's payout ratio is currently 18.04%.

Analyst Ratings Changes

A number of analysts have commented on MCY shares. Raymond James Financial reaffirmed a "strong-buy" rating and set a $90.00 price target (up previously from $80.00) on shares of Mercury General in a research report on Monday, August 4th. Wall Street Zen upgraded Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Strong Buy" and an average target price of $90.00.

About Mercury General

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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