Assenagon Asset Management S.A. acquired a new position in Mercury General Co. (NYSE:MCY – Get Rating) in the 1st quarter, HoldingsChannel reports. The fund acquired 32,148 shares of the insurance provider’s stock, valued at approximately $1,768,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Louisiana State Employees Retirement System lifted its stake in Mercury General by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 7,000 shares of the insurance provider’s stock worth $380,000 after purchasing an additional 200 shares during the last quarter. Inspire Investing LLC purchased a new position in shares of Mercury General during the first quarter worth approximately $235,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Mercury General by 36.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,978 shares of the insurance provider’s stock worth $219,000 after acquiring an additional 1,073 shares during the period. Absher Wealth Management LLC increased its position in shares of Mercury General by 2.7% during the first quarter. Absher Wealth Management LLC now owns 510,107 shares of the insurance provider’s stock worth $28,056,000 after acquiring an additional 13,169 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of Mercury General by 0.7% during the first quarter. State of Alaska Department of Revenue now owns 50,291 shares of the insurance provider’s stock worth $2,765,000 after acquiring an additional 355 shares during the period. 40.01% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on MCY shares. TheStreet lowered shares of Mercury General from a “b” rating to a “c+” rating in a research report on Friday, May 6th. StockNews.com started coverage on shares of Mercury General in a research report on Thursday, March 31st. They set a “hold” rating on the stock.
Shares of MCY stock opened at $43.23 on Friday. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -42.38 and a beta of 0.45. The company’s 50 day moving average is $46.65 and its 200 day moving average is $51.23. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.20. Mercury General Co. has a 52-week low of $42.73 and a 52-week high of $63.06.
Mercury General (NYSE:MCY – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The insurance provider reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($1.42). The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1 billion. Mercury General had a negative net margin of 1.47% and a positive return on equity of 2.05%. During the same period in the previous year, the business earned $1.34 earnings per share. Analysts anticipate that Mercury General Co. will post -0.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were issued a dividend of $0.635 per share. This represents a $2.54 annualized dividend and a yield of 5.88%. The ex-dividend date was Wednesday, June 15th. Mercury General’s payout ratio is -249.02%.
Mercury General Profile (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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