Mercury General Co. (NYSE:MCY – Get Rating) declared a quarterly dividend on Tuesday, May 3rd, Zacks reports. Investors of record on Thursday, June 16th will be given a dividend of 0.635 per share by the insurance provider on Thursday, June 30th. This represents a $2.54 annualized dividend and a yield of 5.39%. The ex-dividend date is Wednesday, June 15th.
Mercury General has raised its dividend payment by an average of 0.4% per year over the last three years and has increased its dividend annually for the last 35 consecutive years. Mercury General has a dividend payout ratio of 87.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Mercury General to earn $2.80 per share next year, which means the company should continue to be able to cover its $2.54 annual dividend with an expected future payout ratio of 90.7%.
MCY stock opened at $47.11 on Monday. The company’s 50 day moving average is $50.68 and its two-hundred day moving average is $52.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.29 and a quick ratio of 0.29. Mercury General has a twelve month low of $45.01 and a twelve month high of $66.07.
Mercury General (NYSE:MCY – Get Rating) last released its quarterly earnings results on Tuesday, May 3rd. The insurance provider reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($1.42). Mercury General had a positive return on equity of 2.05% and a negative net margin of 1.47%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business earned $1.34 EPS. On average, equities research analysts expect that Mercury General will post -0.7 earnings per share for the current fiscal year.
A number of equities research analysts have weighed in on the company. StockNews.com assumed coverage on Mercury General in a report on Thursday, March 31st. They issued a “hold” rating on the stock. TheStreet lowered Mercury General from a “b” rating to a “c+” rating in a research note on Friday, May 6th.
A number of hedge funds have recently bought and sold shares of MCY. OLD Mission Capital LLC purchased a new stake in Mercury General in the 3rd quarter valued at approximately $296,000. Morgan Stanley lifted its stake in Mercury General by 21.7% in the 2nd quarter. Morgan Stanley now owns 168,181 shares of the insurance provider’s stock valued at $10,924,000 after buying an additional 30,021 shares in the last quarter. Millennium Management LLC lifted its stake in Mercury General by 304.0% in the 3rd quarter. Millennium Management LLC now owns 18,142 shares of the insurance provider’s stock valued at $1,010,000 after buying an additional 13,651 shares in the last quarter. UBS Group AG lifted its stake in Mercury General by 18.3% in the 3rd quarter. UBS Group AG now owns 53,487 shares of the insurance provider’s stock valued at $2,978,000 after buying an additional 8,283 shares in the last quarter. Finally, LPL Financial LLC lifted its stake in shares of Mercury General by 5.0% during the 4th quarter. LPL Financial LLC now owns 13,385 shares of the insurance provider’s stock worth $710,000 after purchasing an additional 637 shares during the period. 40.01% of the stock is currently owned by hedge funds and other institutional investors.
About Mercury General (Get Rating)
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, fire, and other hazards.
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