Mercury General (NYSE:MCY) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Mercury General has been upgraded by Wall Street Zen from a "hold" rating to a "buy" rating, indicating increased investor confidence.
• The company reported a net margin of 6.76% and a quarterly revenue of $1.48 billion, surpassing analyst expectations.
• Institutional investors have shown significant interest, with hedge funds and other institutions owning 42.39% of the company's stock after recent acquisitions.

Mercury General (NYSE:MCY - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Mercury General Stock Up 0.1%

MCY stock traded up $0.08 during trading hours on Friday, reaching $72.38. 164,498 shares of the stock were exchanged, compared to its average volume of 531,864. The firm's 50-day moving average is $66.51 and its 200-day moving average is $58.75. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 10.28 and a beta of 0.96. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.43 and a quick ratio of 0.43. Mercury General has a 12 month low of $44.19 and a 12 month high of $80.72.

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

Institutional Trading of Mercury General

Several institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC increased its position in shares of Mercury General by 772.9% during the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock worth $49,000 after acquiring an additional 657 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Mercury General in the 1st quarter worth about $50,000. Federated Hermes Inc. grew its position in Mercury General by 23.5% in 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. Quantbot Technologies LP purchased a new stake in shares of Mercury General during the 1st quarter valued at approximately $141,000. Finally, Covestor Ltd lifted its stake in Mercury General by 745.5% in the 1st quarter. Covestor Ltd now owns 2,545 shares of the insurance provider's stock worth $142,000 after purchasing an additional 2,244 shares in the last quarter. Institutional investors own 42.39% of the company's stock.

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.