Mason Street Advisors LLC bought a new stake in shares of Mercury General Corp. (NYSE:MCY) during the second quarter, Holdings Channel reports. The fund bought 16,631 shares of the company’s stock, valued at approximately $884,000.
A number of other institutional investors also recently added to or reduced their stakes in the stock. 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 last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Mercury General Corp. by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 172,966 shares of the company’s stock valued at $9,195,000 after buying an additional 11,356 shares during the period. Stifel Financial Corp raised its stake in shares of Mercury General Corp. by 12.2% in the second quarter. Stifel Financial Corp now owns 10,340 shares of the company’s stock valued at $550,000 after buying an additional 1,122 shares during the period. Amalgamated Bank acquired a new stake in shares of Mercury General Corp. during the second quarter valued at about $204,000. Finally, Legal & General Group Plc raised its stake in shares of Mercury General Corp. by 12.5% in the second quarter. Legal & General Group Plc now owns 19,671 shares of the company’s stock valued at $1,046,000 after buying an additional 2,185 shares during the period. Hedge funds and other institutional investors own 43.55% of the company’s stock.
Shares of Mercury General Corp. (NYSE:MCY) opened at 55.53 on Thursday. Mercury General Corp. has a 12-month low of $42.97 and a 12-month high of $56.14. The stock has a 50 day moving average of $53.85 and a 200 day moving average of $53.41. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 27.64 and a beta of 0.51.
Mercury General Corp. (NYSE:MCY) last released its quarterly earnings results on Monday, August 1st. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.59 by $0.24. Mercury General Corp. had a net margin of 3.44% and a return on equity of 4.81%. The business earned $858 million during the quarter, compared to analysts’ expectations of $811.11 million. During the same period in the previous year, the business earned $0.64 EPS. The business’s revenue was up 18.2% on a year-over-year basis. On average, equities analysts expect that Mercury General Corp. will post $1.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 4.47%. Mercury General Corp.’s payout ratio is currently 124.00%.
Several equities research analysts have issued reports on the stock. Compass Point lowered their price target on shares of Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday, August 2nd. Zacks Investment Research lowered shares of Mercury General Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $51.33.
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.
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