Wells Fargo & Company MN boosted its stake in Mercury General Corp. (NYSE:MCY) by 2.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 251,500 shares of the company’s stock after buying an additional 6,967 shares during the period. Wells Fargo & Company MN’s holdings in Mercury General Corp. were worth $13,794,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCY. Public Employees Retirement System of Ohio boosted its position in Mercury General Corp. by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 8,232 shares of the company’s stock valued at $438,000 after buying an additional 28 shares during the period. State Treasurer State of Michigan boosted its position in Mercury General Corp. by 0.7% in the second quarter. State Treasurer State of Michigan now owns 14,600 shares of the company’s stock valued at $776,000 after buying an additional 100 shares during the period. Utah Retirement Systems boosted its position in Mercury General Corp. by 4.2% in the second quarter. Utah Retirement Systems now owns 4,919 shares of the company’s stock valued at $261,000 after buying an additional 200 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Mercury General Corp. by 2.1% in the third quarter. Oregon Public Employees Retirement Fund now owns 12,395 shares of the company’s stock valued at $680,000 after buying an additional 251 shares during the period. Finally, National Planning Corp boosted its position in Mercury General Corp. by 5.3% in the second quarter. National Planning Corp now owns 5,914 shares of the company’s stock valued at $315,000 after buying an additional 299 shares during the period. Institutional investors own 43.76% of the company’s stock.
Shares of Mercury General Corp. (NYSE:MCY) traded down 0.39% during mid-day trading on Monday, hitting $59.43. 54,596 shares of the stock traded hands. Mercury General Corp. has a one year low of $42.97 and a one year high of $59.78. The stock has a 50-day moving average of $55.20 and a 200 day moving average of $53.78. The stock has a market cap of $3.28 billion, a PE ratio of 26.89 and a beta of 0.41.
Mercury General Corp. (NYSE:MCY) last announced its quarterly earnings data on Monday, October 31st. The company reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.10. The business had revenue of $808.20 million for the quarter, compared to analyst estimates of $785.88 million. Mercury General Corp. had a net margin of 3.74% and a return on equity of 5.07%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.59 EPS. Equities analysts predict that Mercury General Corp. will post $1.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 15th will be issued a $0.6225 dividend. This is a positive change from Mercury General Corp.’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $2.49 annualized dividend and a yield of 4.17%. Mercury General Corp.’s dividend payout ratio (DPR) is presently 112.22%.
Several research analysts have commented on the stock. Zacks Investment Research cut shares of Mercury General Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 9th. Compass Point reduced 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 research report on Tuesday, August 2nd.
In related news, Director Mike Curtius sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $56.29, for a total value of $84,435.00. Following the transaction, the director now owns 18,584 shares in the company, valued at $1,046,093.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 34.40% of the stock is currently owned by corporate insiders.
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.