Wealth Enhancement Advisory Services LLC Takes Position in Mercury General Corporation (NYSE:MCY)

Wealth Enhancement Advisory Services LLC purchased a new stake in Mercury General Corporation (NYSE:MCY - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,870 shares of the insurance provider's stock, valued at approximately $384,000.

A number of other hedge funds also recently made changes to their positions in MCY. Bank of New York Mellon Corp boosted its stake in shares of Mercury General by 5.0% in the 4th quarter. Bank of New York Mellon Corp now owns 302,660 shares of the insurance provider's stock valued at $20,121,000 after purchasing an additional 14,328 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Mercury General by 145.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock valued at $37,000 after buying an additional 328 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Mercury General in the 4th quarter valued at approximately $44,000. Steward Partners Investment Advisory LLC bought a new position in Mercury General in the 4th quarter valued at approximately $68,000. Finally, Victory Capital Management Inc. raised its holdings in Mercury General by 3.0% in the 4th quarter. Victory Capital Management Inc. now owns 28,758 shares of the insurance provider's stock valued at $1,912,000 after buying an additional 841 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Stock Up 2.3%

Shares of NYSE MCY opened at $67.31 on Monday. The company has a 50 day simple moving average of $62.48 and a 200 day simple moving average of $57.64. The firm has a market cap of $3.73 billion, a PE ratio of 13.04 and a beta of 0.96. Mercury General Corporation has a 1 year low of $44.19 and a 1 year high of $80.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.51 and a quick ratio of 0.51.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($4.00) by $1.71. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.36 billion. Mercury General had a net margin of 5.11% and a return on equity of 12.52%. On average, research analysts forecast that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were issued a dividend of $0.3175 per share. The ex-dividend date was Thursday, June 12th. This represents a $1.27 annualized dividend and a yield of 1.89%. Mercury General's payout ratio is 24.61%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Mercury General from a "hold" rating to a "buy" rating in a report on Monday, May 12th.

Mercury General 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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