Parvin Asset Management LLC Invests $649,000 in Mercury General Co. (NYSE:MCY)

Parvin Asset Management LLC bought a new position in shares of Mercury General Co. (NYSE:MCY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,760 shares of the insurance provider's stock, valued at approximately $649,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Mercury General by 145.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock worth $37,000 after purchasing an additional 328 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Mercury General in the 4th quarter worth about $44,000. Sterling Capital Management LLC grew its holdings in Mercury General by 772.9% in the 4th quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock valued at $49,000 after buying an additional 657 shares during the period. Millstone Evans Group LLC acquired a new position in shares of Mercury General during the 4th quarter valued at about $60,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Mercury General during the 4th quarter worth about $68,000. 42.39% of the stock is owned by hedge funds and other institutional investors.

Mercury General Stock Up 1.2 %

Mercury General stock traded up $0.71 during midday trading on Monday, hitting $58.04. 107,473 shares of the company were exchanged, compared to its average volume of 396,885. The company has a market cap of $3.21 billion, a PE ratio of 6.86 and a beta of 0.90. Mercury General Co. has a fifty-two week low of $44.19 and a fifty-two week high of $80.72. The company's fifty day moving average price is $54.43 and its 200-day moving average price is $60.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.34 and a quick ratio of 0.34.

Mercury General (NYSE:MCY - Get Free Report) last posted its earnings results on Tuesday, February 11th. The insurance provider reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.84. Mercury General had a net margin of 8.55% and a return on equity of 22.54%. On average, research analysts predict that Mercury General Co. will post -0.5 EPS for the current fiscal year.

Mercury General Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $0.3175 dividend. This is a boost from Mercury General's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $1.27 annualized dividend and a dividend yield of 2.19%. Mercury General's payout ratio is 15.03%.

Analyst Ratings Changes

A number of research analysts recently weighed in on MCY shares. Raymond James upgraded Mercury General from an "outperform" rating to a "strong-buy" rating and lifted their target price for the company from $70.00 to $80.00 in a report on Wednesday, February 12th. StockNews.com lowered shares of Mercury General from a "buy" rating to a "hold" rating in a report on Thursday, February 13th.

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.