Victory Capital Management Inc. Lowers Stock Position in Mercury General Corporation (NYSE:MCY)

Key Points

• Victory Capital Management Inc. reduced its holding in Mercury General Corporation by 54.3%, selling 15,623 shares and now owning 13,135 shares worth approximately $734,000.
• Mercury General announced a quarterly dividend of $0.3175 per share, scheduled for payment on September 25th, resulting in an annualized yield of 1.9%.
• Despite a 52-week price range between $44.19 and $80.72, the company reported a strong earnings performance with $2.67 earnings per share, significantly exceeding analysts' estimates.

Victory Capital Management Inc. reduced its holdings in Mercury General Corporation (NYSE:MCY - Free Report) by 54.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,135 shares of the insurance provider's stock after selling 15,623 shares during the period. Victory Capital Management Inc.'s holdings in Mercury General were worth $734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MCY. Russell Investments Group Ltd. grew its position in shares of Mercury General by 0.3% in the 4th quarter. Russell Investments Group Ltd. now owns 75,400 shares of the insurance provider's stock worth $5,013,000 after buying an additional 224 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Mercury General by 6.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 5,542 shares of the insurance provider's stock worth $368,000 after purchasing an additional 353 shares during the last quarter. NDVR Inc. grew its position in Mercury General by 11.2% during the 4th quarter. NDVR Inc. now owns 3,695 shares of the insurance provider's stock worth $246,000 after purchasing an additional 371 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Mercury General by 13.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,816 shares of the insurance provider's stock worth $254,000 after purchasing an additional 444 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in Mercury General by 23.5% during the 4th quarter. Federated Hermes Inc. now owns 2,453 shares of the insurance provider's stock worth $163,000 after purchasing an additional 466 shares during the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

Mercury General Price Performance

Shares of Mercury General stock traded up $0.02 during trading hours on Wednesday, reaching $72.32. 170,617 shares of the company's stock were exchanged, compared to its average volume of 531,909. Mercury General Corporation has a 1 year low of $44.19 and a 1 year high of $80.72. The company has a market capitalization of $4.01 billion, a P/E ratio of 10.28 and a beta of 0.96. The business has a fifty day moving average of $66.51 and a two-hundred day moving average of $58.75. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.29.

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

Mercury General Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.8%. Mercury General's dividend payout ratio is currently 18.04%.

Wall Street Analysts Forecast Growth

Several analysts have commented on MCY shares. Raymond James Financial restated a "strong-buy" rating and set a $90.00 price objective (up from $80.00) on shares of Mercury General in a research note on Monday. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday.

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.