Mercury General (NYSE:MCY) Hits New 52-Week Low at $42.83

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Mercury General Co. (NYSE:MCYGet Rating)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $42.83 and last traded at $42.89, with a volume of 199 shares changing hands. The stock had previously closed at $43.51.

MCY has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Mercury General in a research note on Thursday, March 31st. They set a “hold” rating for the company. TheStreet lowered shares of Mercury General from a “b” rating to a “c+” rating in a research note on Friday, May 6th.

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The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.29 and a current ratio of 0.29. The business’s 50 day simple moving average is $47.81 and its 200-day simple moving average is $51.65. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -43.69 and a beta of 0.42.

Mercury General (NYSE:MCYGet Rating) last released 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). Mercury General had a negative net margin of 1.47% and a positive return on equity of 2.05%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the firm posted $1.34 EPS. Research analysts expect that Mercury General Co. will post -0.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were paid a $0.635 dividend. This represents a $2.54 annualized dividend and a dividend yield of 5.70%. The ex-dividend date of this dividend was Wednesday, June 15th. Mercury General’s payout ratio is presently -249.02%.

Several hedge funds have recently added to or reduced their stakes in MCY. Allspring Global Investments Holdings LLC acquired a new stake in shares of Mercury General in the 4th quarter valued at $18,214,000. State Street Corp raised its holdings in Mercury General by 20.8% in the 1st quarter. State Street Corp now owns 1,274,652 shares of the insurance provider’s stock worth $70,106,000 after acquiring an additional 219,719 shares during the period. Goldman Sachs Group Inc. raised its holdings in Mercury General by 18.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 878,028 shares of the insurance provider’s stock worth $46,588,000 after acquiring an additional 139,559 shares during the period. Invesco Ltd. raised its holdings in Mercury General by 11.2% in the 4th quarter. Invesco Ltd. now owns 1,267,213 shares of the insurance provider’s stock worth $67,238,000 after acquiring an additional 127,915 shares during the period. Finally, BlackRock Inc. raised its holdings in Mercury General by 5.3% in the 1st quarter. BlackRock Inc. now owns 2,534,551 shares of the insurance provider’s stock worth $139,401,000 after acquiring an additional 126,512 shares during the period. 40.01% of the stock is owned by institutional investors and hedge funds.

About Mercury General (NYSE:MCY)

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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