Mercury General Co. (MCY) Stake Raised by Millennium Management LLC

Millennium Management LLC grew its stake in Mercury General Co. (NYSE:MCY) by 210.5% during the fourth quarter, HoldingsChannel reports. The firm owned 558,257 shares of the insurance provider’s stock after purchasing an additional 378,455 shares during the period. Millennium Management LLC’s holdings in Mercury General were worth $29,833,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Pinebridge Investments L.P. acquired a new stake in Mercury General during the fourth quarter worth about $152,000. Tower Research Capital LLC TRC raised its stake in Mercury General by 76.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,313 shares of the insurance provider’s stock worth $177,000 after acquiring an additional 1,439 shares during the period. Stifel Financial Corp acquired a new stake in Mercury General during the third quarter worth about $206,000. Timber Hill LLC acquired a new stake in Mercury General during the fourth quarter worth about $209,000. Finally, Private Advisor Group LLC acquired a new stake in Mercury General during the third quarter worth about $244,000. Institutional investors and hedge funds own 46.32% of the company’s stock.

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Separately, Zacks Investment Research upgraded shares of Mercury General from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Wednesday, November 29th.

Shares of Mercury General Co. (NYSE MCY) opened at $44.76 on Monday. Mercury General Co. has a 12 month low of $41.40 and a 12 month high of $63.23. The company has a market cap of $2,476.66, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 0.71 and a beta of 0.48. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.21.

Mercury General (NYSE:MCY) last announced its quarterly earnings results on Monday, February 5th. The insurance provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.18). Mercury General had a net margin of 4.24% and a return on equity of 5.14%. The firm had revenue of $779.20 million during the quarter, compared to analyst estimates of $847.35 million. During the same quarter in the previous year, the business posted $0.58 EPS. Mercury General’s revenue for the quarter was up 1.4% compared to the same quarter last year. equities research analysts forecast that Mercury General Co. will post 2.5 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.625 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $2.50 annualized dividend and a dividend yield of 5.59%. Mercury General’s payout ratio is currently 95.42%.

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Mercury General Company Profile

Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.

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Institutional Ownership by Quarter for Mercury General (NYSE:MCY)

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