Mercury General (NYSE:MCY) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Mercury General crossed above its 200-day moving average ($88.67) on Monday, trading as high as $97.18 and last at $94.90 on volume of 155,692 shares.
• Analysts have been upgrading the stock—Wall Street Zen and Zacks moved their ratings to Strong Buy, leaving a consensus rating of Strong Buy and a $100 consensus price target.
• The company reported a strong quarter with EPS of $3.66 vs. $2.56 expected and revenue of $1.54B vs. $1.37B, and it recently paid a $0.3175 quarterly dividend (annualized $1.27, ~1.3% yield).

Mercury General Corporation (NYSE:MCY - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $88.67 and traded as high as $97.18. Mercury General shares last traded at $94.90, with a volume of 155,692 shares trading hands.

Analyst Ratings Changes

MCY has been the subject of several research reports. Wall Street Zen raised shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Zacks Research raised shares of Mercury General from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Mercury General in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat.com, Mercury General presently has an average rating of "Strong Buy" and a consensus price target of $100.00.

Mercury General Stock Down 1.4%

The company's fifty day moving average is $90.18 and its 200-day moving average is $88.67. The company has a market capitalization of $5.26 billion, a PE ratio of 9.71 and a beta of 0.91. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.42 and a current ratio of 0.42.

Mercury General (NYSE:MCY - Get Free Report) last released its earnings results on Tuesday, February 17th. The insurance provider reported $3.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $1.10. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.37 billion. Mercury General had a net margin of 9.03% and a return on equity of 20.74%. As a group, analysts predict that Mercury General Corporation will post 9 EPS for the current fiscal year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Thursday, March 12th were issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Thursday, March 12th. Mercury General's dividend payout ratio is currently 13.00%.

Institutional Investors Weigh In On Mercury General

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in Mercury General by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,103,088 shares of the insurance provider's stock worth $197,816,000 after acquiring an additional 23,353 shares in the last quarter. Rubric Capital Management LP grew its holdings in Mercury General by 12.8% during the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider's stock valued at $138,350,000 after buying an additional 232,721 shares in the last quarter. American Century Companies Inc. grew its holdings in Mercury General by 22.9% during the 3rd quarter. American Century Companies Inc. now owns 578,671 shares of the insurance provider's stock valued at $49,060,000 after buying an additional 107,766 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Mercury General by 4.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 408,116 shares of the insurance provider's stock valued at $38,387,000 after buying an additional 17,306 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Mercury General by 1.9% during the 2nd quarter. AQR Capital Management LLC now owns 346,343 shares of the insurance provider's stock valued at $22,917,000 after buying an additional 6,314 shares in the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

About Mercury General

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company's product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.