Jefferies Financial Group Inc. Sells 32,806 Shares of Mercury General Corporation $MCY

Jefferies Financial Group Inc. decreased its stake in Mercury General Corporation (NYSE:MCY) by 57.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 24,567 shares of the insurance provider’s stock after selling 32,806 shares during the period. Jefferies Financial Group Inc.’s holdings in Mercury General were worth $2,083,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Inspire Investing LLC increased its stake in Mercury General by 223.6% in the third quarter. Inspire Investing LLC now owns 18,820 shares of the insurance provider’s stock valued at $1,596,000 after purchasing an additional 13,004 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Mercury General by 16.1% during the second quarter. American Century Companies Inc. now owns 470,905 shares of the insurance provider’s stock worth $31,711,000 after purchasing an additional 65,441 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Mercury General in the 3rd quarter valued at $3,141,000. LSV Asset Management acquired a new position in shares of Mercury General in the 3rd quarter valued at $4,722,000. Finally, Prudential Financial Inc. grew its holdings in shares of Mercury General by 27.9% in the 2nd quarter. Prudential Financial Inc. now owns 63,899 shares of the insurance provider’s stock valued at $4,303,000 after buying an additional 13,937 shares during the period. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Stock Down 0.7%

Mercury General stock opened at $88.45 on Thursday. The company has a 50 day moving average of $89.96 and a 200-day moving average of $86.54. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.24. Mercury General Corporation has a twelve month low of $47.06 and a twelve month high of $100.06. The stock has a market capitalization of $4.90 billion, a PE ratio of 9.05 and a beta of 0.92.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, February 17th. The insurance provider reported $3.66 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $1.10. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.37 billion. Mercury General had a net margin of 9.03% and a return on equity of 20.74%. On average, equities research analysts anticipate that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be issued a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Thursday, March 12th. Mercury General’s dividend payout ratio is 13.00%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MCY shares. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercury General in a research note on Thursday, January 22nd. Finally, Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat, Mercury General currently has an average rating of “Strong Buy” and an average price target of $100.00.

Mercury General 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.