Victory Capital Management Inc. Sells 15,623 Shares of 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. lessened its stake in shares of Mercury General Corporation (NYSE:MCY - Free Report) by 54.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,135 shares of the insurance provider's stock after selling 15,623 shares during the quarter. Victory Capital Management Inc.'s holdings in Mercury General were worth $734,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Sterling Capital Management LLC raised its holdings in Mercury General by 772.9% in the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 657 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of 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 in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Mercury General during the 4th quarter worth $200,000. Pallas Capital Advisors LLC purchased a new stake in shares of Mercury General in the 1st quarter worth about $227,000. Finally, Convergence Financial LLC purchased a new stake in shares of Mercury General in the 1st quarter worth about $232,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Analyst Upgrades and Downgrades

MCY has been the topic of several recent research reports. Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a research report on Saturday. Raymond James Financial reiterated a "strong-buy" rating and issued a $90.00 price objective (up from $80.00) on shares of Mercury General in a research report on Monday.

Mercury General Trading Up 0.7%

MCY traded up $0.52 on Tuesday, reaching $72.21. 239,258 shares of the company's stock were exchanged, compared to its average volume of 534,411. The company's 50 day moving average is $66.30 and its 200-day moving average is $58.65. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 10.26 and a beta of 0.96. Mercury General Corporation has a twelve month low of $44.19 and a twelve month high of $80.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43.

Mercury General (NYSE:MCY - Get Free Report) last released 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 analysts' expectations of $1.45 billion. Equities analysts predict that Mercury General Corporation will post -0.5 earnings per share for the current year.

Mercury General Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be given a $0.3175 dividend. The ex-dividend date 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 (DPR) is 18.04%.

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.