Mercury General Corporation $MCY Holdings Decreased by Sei Investments Co.

Sei Investments Co. trimmed its holdings in shares of Mercury General Corporation (NYSE:MCY) by 3.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 141,647 shares of the insurance provider’s stock after selling 4,799 shares during the period. Sei Investments Co.’s holdings in Mercury General were worth $12,486,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada boosted its position in Mercury General by 58.8% during the 1st quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock worth $3,036,000 after acquiring an additional 20,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Mercury General by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after purchasing an additional 702 shares during the period. Millennium Management LLC increased its holdings in shares of Mercury General by 8.5% in the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock valued at $6,223,000 after purchasing an additional 8,742 shares during the period. Empowered Funds LLC lifted its position in shares of Mercury General by 1.7% in the first quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock worth $611,000 after purchasing an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Mercury General by 194.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock worth $81,000 after purchasing an additional 798 shares in the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a research report on Thursday, June 4th. Finally, Zacks Research lowered shares of Mercury General from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Mercury General presently has a consensus rating of “Buy” and an average price target of $100.00.

Mercury General Stock Performance

Shares of MCY stock opened at $107.21 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.44 and a quick ratio of 0.44. Mercury General Corporation has a fifty-two week low of $66.57 and a fifty-two week high of $113.06. The stock’s 50-day moving average is $104.58 and its two-hundred day moving average is $96.40. The firm has a market cap of $5.94 billion, a P/E ratio of 7.07 and a beta of 0.89.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $1.35. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. Analysts predict that Mercury General Corporation will post 11.5 earnings per share for the current fiscal year.

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.