Mercury General (NYSE:MCY) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded Mercury General from “hold” to “strong buy,” while the broader analyst consensus is also “strong buy” with an average price target of $100.
• Mercury General reported quarterly EPS of $3.52, beating estimates of $2.53, while revenue of $1.68 billion exceeded the $1.52 billion consensus forecast.
• Shares opened at $104.55 and were down 1.7%; the company has a $5.79 billion market capitalization, a P/E ratio of 6.18, and institutional investors own 42.39% of its stock.

Mercury General (NYSE:MCY - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Mercury General from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Mercury General in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average target price of $100.00.

Mercury General Trading Down 1.7%

Shares of MCY opened at $104.55 on Tuesday. Mercury General has a one year low of $73.73 and a one year high of $113.06. The stock has a 50-day moving average price of $106.38 and a 200 day moving average price of $98.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.47 and a current ratio of 0.47. The company has a market capitalization of $5.79 billion, a P/E ratio of 6.18 and a beta of 0.90.

Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.99. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.52 billion. Mercury General had a return on equity of 31.98% and a net margin of 14.77%. Sell-side analysts forecast that Mercury General will post 12.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Mercury General

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP bought a new position in Mercury General during the second quarter worth $35,000. Hilton Head Capital Partners LLC bought a new stake in Mercury General during the fourth quarter valued at $38,000. PenderFund Capital Management Ltd. acquired a new stake in shares of Mercury General during the second quarter worth $44,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Mercury General during the fourth quarter worth $40,000. Finally, Caitlin John LLC bought a new position in shares of Mercury General in the 2nd quarter worth about $53,000. 42.39% of the stock is currently owned by institutional investors.

Mercury General Company Profile

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.

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