Mercury General (NYSE:MCY) Hits New 52-Week High – Here’s What Happened

by · The Markets Daily

Shares of Mercury General Co. (NYSE:MCY – Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.51 and last traded at $76.46, with a volume of 266381 shares changing hands. The stock had previously closed at $73.73.

Mercury General Stock Up 3.8 %

The stock’s fifty day simple moving average is $66.52 and its two-hundred day simple moving average is $60.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 7.31 and a beta of 0.81.

Mercury General (NYSE:MCY – Get Free Report) last issued its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. During the same quarter last year, the company posted $1.14 earnings per share. On average, sell-side analysts predict that Mercury General Co. will post 6.35 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be issued a dividend of $0.317 per share. The ex-dividend date is Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.66%. Mercury General’s dividend payout ratio (DPR) is presently 12.59%.

Institutional Investors Weigh In On Mercury General

Several institutional investors have recently bought and sold shares of the stock. Sei Investments Co. boosted its stake in Mercury General by 132.7% during the 1st quarter. Sei Investments Co. now owns 17,561 shares of the insurance provider’s stock valued at $906,000 after purchasing an additional 10,014 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Mercury General by 7,606.6% in the 1st quarter. Russell Investments Group Ltd. now owns 53,330 shares of the insurance provider’s stock worth $2,752,000 after purchasing an additional 52,638 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Mercury General in the 1st quarter worth approximately $279,000. State Board of Administration of Florida Retirement System lifted its stake in Mercury General by 19.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 9,124 shares of the insurance provider’s stock valued at $471,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in Mercury General during the first quarter worth approximately $200,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

About Mercury General

(Get Free Report)

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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.

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