First Manhattan Co. lowered its position in shares of Mercury General Co. (NYSE:MCY) by 9.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,700 shares of the insurance provider’s stock after selling 2,542 shares during the quarter. First Manhattan Co.’s holdings in Mercury General were worth $1,236,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Arizona State Retirement System grew its holdings in Mercury General by 1.1% during the fourth quarter. Arizona State Retirement System now owns 19,463 shares of the insurance provider’s stock valued at $1,006,000 after purchasing an additional 212 shares during the period. Advisor Group Inc. boosted its holdings in shares of Mercury General by 28.3% in the fourth quarter. Advisor Group Inc. now owns 1,594 shares of the insurance provider’s stock valued at $83,000 after buying an additional 352 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Mercury General by 6.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,887 shares of the insurance provider’s stock valued at $356,000 after buying an additional 401 shares during the period. Foundations Investment Advisors LLC boosted its holdings in shares of Mercury General by 2.4% in the first quarter. Foundations Investment Advisors LLC now owns 22,170 shares of the insurance provider’s stock valued at $1,110,000 after buying an additional 525 shares during the period. Finally, Texas Permanent School Fund boosted its holdings in shares of Mercury General by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 17,745 shares of the insurance provider’s stock valued at $918,000 after buying an additional 686 shares during the period. Hedge funds and other institutional investors own 48.70% of the company’s stock.
In related news, Director George Gwyer Braunegg purchased 500 shares of Mercury General stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $50.86 per share, for a total transaction of $25,430.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 34.20% of the stock is owned by corporate insiders.
Mercury General stock opened at $51.43 on Wednesday. The company has a market capitalization of $2.79 billion, a PE ratio of 28.57 and a beta of 0.23. Mercury General Co. has a twelve month low of $43.46 and a twelve month high of $61.83. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.23.
Mercury General (NYSE:MCY) last released its quarterly earnings results on Monday, February 11th. The insurance provider reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($1.00). The company had revenue of $850.70 million during the quarter, compared to analyst estimates of $832.44 million. Mercury General had a negative net margin of 0.17% and a positive return on equity of 5.91%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 EPS. As a group, equities research analysts predict that Mercury General Co. will post 3.6 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.627 dividend. This represents a $2.51 annualized dividend and a dividend yield of 4.88%. The ex-dividend date was Wednesday, March 13th. Mercury General’s dividend payout ratio (DPR) is presently 139.44%.
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About Mercury General
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners' insurance products cover dwelling, liability, personal property, fire, and other hazards.
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