First Trust Advisors LP Decreases Stock Holdings in Mercury General Co. (NYSE:MCY)

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First Trust Advisors LP trimmed its holdings in Mercury General Co. (NYSE:MCY) by 12.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,923 shares of the insurance provider’s stock after selling 29,225 shares during the quarter. First Trust Advisors LP owned about 0.37% of Mercury General worth $8,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Utah Retirement Systems increased its holdings in shares of Mercury General by 3.9% during the 4th quarter. Utah Retirement Systems now owns 5,299 shares of the insurance provider’s stock worth $258,000 after buying an additional 200 shares during the last quarter. Mason Street Advisors LLC increased its holdings in shares of Mercury General by 1.4% during the 4th quarter. Mason Street Advisors LLC now owns 14,427 shares of the insurance provider’s stock worth $703,000 after buying an additional 203 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Mercury General by 2.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 8,032 shares of the insurance provider’s stock worth $391,000 after buying an additional 213 shares during the last quarter. American International Group Inc. increased its holdings in shares of Mercury General by 0.6% during the 4th quarter. American International Group Inc. now owns 52,351 shares of the insurance provider’s stock worth $2,551,000 after buying an additional 314 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in shares of Mercury General by 8.8% during the 4th quarter. Rafferty Asset Management LLC now owns 4,455 shares of the insurance provider’s stock worth $217,000 after buying an additional 362 shares during the last quarter. 42.51% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on MCY shares. Zacks Investment Research downgraded shares of Mercury General from a “buy” rating to a “hold” rating in a report on Tuesday, May 12th. Raymond James downgraded shares of Mercury General from a “market perform” rating to an “underperform” rating in a report on Friday, April 3rd.

Mercury General stock opened at $39.25 on Friday. Mercury General Co. has a fifty-two week low of $33.45 and a fifty-two week high of $65.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a 50 day moving average price of $39.27 and a 200 day moving average price of $45.10. The company has a market capitalization of $2.17 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35.

Mercury General (NYSE:MCY) last posted its earnings results on Monday, May 4th. The insurance provider reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.19. Mercury General had a net margin of 1.23% and a return on equity of 8.88%. The firm had revenue of $954.20 million during the quarter, compared to the consensus estimate of $927.89 million. During the same quarter last year, the firm earned $0.87 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Mercury General Co. will post 2.85 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $2.52 annualized dividend and a yield of 6.42%. Mercury General’s dividend payout ratio (DPR) is presently 96.92%.

In other Mercury General news, CEO Gabriel Tirador purchased 3,000 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was acquired at an average price of $36.17 per share, for a total transaction of $108,510.00. Following the completion of the purchase, the chief executive officer now directly owns 41,594 shares in the company, valued at approximately $1,504,454.98. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Chairman George Joseph purchased 26,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $38.84 per share, with a total value of $1,009,840.00. Following the purchase, the chairman now owns 19,549,434 shares of the company’s stock, valued at $759,300,016.56. The disclosure for this purchase can be found here. Insiders purchased a total of 473,915 shares of company stock valued at $17,460,629 in the last quarter. 34.30% of the stock is owned by insiders.

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

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