Mercury General Corp. (NYSE:MCY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $63.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 5.60% from the company’s previous close.
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Separately, Compass Point lowered their price objective on shares of Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Tuesday, August 2nd.
Mercury General Corp. (NYSE:MCY) traded up 0.61% during trading on Tuesday, hitting $59.66. The stock had a trading volume of 64,021 shares. Mercury General Corp. has a 1-year low of $42.97 and a 1-year high of $59.78. The company has a market capitalization of $3.30 billion, a P/E ratio of 27.00 and a beta of 0.41. The stock’s 50-day moving average price is $55.20 and its 200-day moving average price is $53.78.
Mercury General Corp. (NYSE:MCY) last posted its earnings results on Monday, October 31st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.10. The company had revenue of $808.20 million for the quarter, compared to analysts’ expectations of $785.88 million. Mercury General Corp. had a return on equity of 5.07% and a net margin of 3.74%. Mercury General Corp.’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.59 earnings per share. Analysts expect that Mercury General Corp. will post $1.71 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th will be issued a $0.6225 dividend. The ex-dividend date is Tuesday, December 13th. This is a positive change from Mercury General Corp.’s previous quarterly dividend of $0.62. This represents a $2.49 annualized dividend and a yield of 4.17%. Mercury General Corp.’s dividend payout ratio (DPR) is 112.22%.
In other Mercury General Corp. news, Director Mike Curtius sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $56.29, for a total value of $84,435.00. Following the completion of the sale, the director now directly owns 18,584 shares in the company, valued at $1,046,093.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 34.40% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its position in Mercury General Corp. by 62.9% in the second quarter. Sei Investments Co. now owns 1,868 shares of the company’s stock valued at $100,000 after buying an additional 721 shares during the last quarter. Pinkerton Retirement Specialists LLC purchased a new position in shares of Mercury General Corp. during the second quarter worth $108,000. Assetmark Inc. purchased a new position in shares of Mercury General Corp. during the second quarter worth $114,000. Pacer Advisors Inc. purchased a new position in shares of Mercury General Corp. during the second quarter worth $116,000. Finally, LS Investment Advisors LLC raised its position in shares of Mercury General Corp. by 73.5% in the second quarter. LS Investment Advisors LLC now owns 2,198 shares of the company’s stock worth $117,000 after buying an additional 931 shares during the last quarter. Hedge funds and other institutional investors own 43.37% of the company’s stock.
Mercury General Corp. Company Profile
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.