Strs Ohio Takes Position in Mercury General Corporation $MCY

Key Points

• Strs Ohio has acquired a new stake in Mercury General Corporation (NYSE: MCY), purchasing 5,300 shares valued at approximately $296,000 in the first quarter of the year.
• The latest earnings results show that Mercury General reported an EPS of $2.67, exceeding the consensus estimate significantly by $2.77.
• Mercury General recently declared a quarterly dividend of $0.3175 per share, with an annualized dividend yield of 1.6%.

Strs Ohio bought a new stake in Mercury General Corporation (NYSE:MCY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,300 shares of the insurance provider's stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC increased its position in Mercury General by 108.2% in the 1st quarter. Intech Investment Management LLC now owns 58,198 shares of the insurance provider's stock valued at $3,253,000 after buying an additional 30,244 shares in the last quarter. Empowered Funds LLC increased its position in Mercury General by 1.7% in the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider's stock valued at $611,000 after buying an additional 185 shares in the last quarter. Millennium Management LLC increased its position in Mercury General by 8.5% in the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider's stock valued at $6,223,000 after buying an additional 8,742 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Mercury General by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider's stock valued at $891,000 after buying an additional 702 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in Mercury General by 0.3% in the 1st quarter. Bridgeway Capital Management LLC now owns 49,809 shares of the insurance provider's stock valued at $2,784,000 after buying an additional 161 shares in the last quarter. 42.39% of the stock is owned by institutional investors.

Mercury General Price Performance

Mercury General stock opened at $81.52 on Wednesday. Mercury General Corporation has a 52 week low of $44.19 and a 52 week high of $83.13. The company's 50 day moving average price is $74.40 and its two-hundred day moving average price is $64.71. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.29. The stock has a market cap of $4.52 billion, a P/E ratio of 11.58 and a beta of 0.98.

Mercury General (NYSE:MCY - Get Free Report) last posted its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 EPS for the quarter, topping the consensus estimate of ($0.10) by $2.77. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.45 billion. On average, equities analysts predict that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.27 annualized dividend and a dividend yield of 1.6%. Mercury General's dividend payout ratio (DPR) is currently 18.04%.

Wall Street Analyst Weigh In

A number of analysts recently commented on MCY shares. Wall Street Zen raised Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $100.00 price target (up previously from $90.00) on shares of Mercury General in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $100.00.

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.

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