Mercury General Co. (NYSE:MCY) to Issue Dividend Increase – $0.63 Per Share

Mercury General Co. (NYSE:MCY) declared a quarterly dividend on Monday, October 28th, Zacks reports. Shareholders of record on Thursday, December 12th will be paid a dividend of 0.63 per share by the insurance provider on Thursday, December 26th. This represents a $2.52 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date is Wednesday, December 11th. This is a boost from Mercury General’s previous quarterly dividend of $0.63.

NYSE MCY opened at $49.45 on Monday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average is $49.89 and its two-hundred day moving average is $55.62. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 27.47, a PEG ratio of 0.47 and a beta of 0.21. Mercury General has a 1-year low of $46.69 and a 1-year high of $65.22.

Mercury General (NYSE:MCY) last issued its earnings results on Monday, October 28th. The insurance provider reported $0.78 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.22). The company had revenue of $983.10 million during the quarter, compared to analyst estimates of $968.71 million. Mercury General had a return on equity of 6.81% and a net margin of 5.43%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.11 earnings per share. On average, analysts predict that Mercury General will post 2.8 earnings per share for the current year.

A number of analysts have weighed in on MCY shares. Keefe, Bruyette & Woods cut Mercury General from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research report on Monday, October 28th. Zacks Investment Research cut Mercury General from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 30th.

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.

See Also: Quiet Period Expirations

Dividend History for Mercury General (NYSE:MCY)

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