Jupiter Topco LLC Buys Shares of 12,161 Mercury General Corporation $MCY

Jupiter Topco LLC bought a new stake in shares of Mercury General Corporation (NYSE:MCY) in the second quarter, Holdings Channel.com reports. The institutional investor bought 12,161 shares of the insurance provider’s stock, valued at approximately $1,298,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP acquired a new position in shares of Mercury General during the second quarter valued at about $35,000. Hilton Head Capital Partners LLC purchased a new position in Mercury General in the 4th quarter worth $38,000. Mcguire Capital Advisors Inc. purchased a new position in Mercury General in the 4th quarter worth $40,000. IFP Advisors Inc lifted its position in Mercury General by 79.4% during the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 224 shares during the period. Finally, State of Wyoming acquired a new stake in Mercury General during the 2nd quarter worth about $78,000. 42.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a report on Tuesday. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Finally, Zacks Research raised Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, Mercury General presently has a consensus rating of “Strong Buy” and an average target price of $100.00.

Mercury General Stock Performance

Shares of MCY stock opened at $104.34 on Friday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33. Mercury General Corporation has a 12-month low of $74.29 and a 12-month high of $113.06. The business’s 50 day moving average is $106.58 and its two-hundred day moving average is $99.05. The company has a market capitalization of $5.78 billion, a P/E ratio of 6.17 and a beta of 0.90.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.99. Mercury General had a return on equity of 31.98% and a net margin of 14.77%.The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. Analysts expect that Mercury General Corporation will post 12.75 EPS for the current fiscal year.

Mercury General Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.3175 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. Mercury General’s dividend payout ratio is currently 7.51%.

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.