Mercury General (NYSE:MCY) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Mercury General (NYSE:MCY – Get Rating) in a research note released on Thursday morning. The firm issued a hold rating on the insurance provider’s stock.

Separately, TheStreet upgraded shares of Mercury General from a d+ rating to a c- rating in a report on Wednesday, February 22nd.

Mercury General Trading Down 3.9 %

Shares of NYSE MCY traded down $1.23 during midday trading on Thursday, reaching $30.05. 1,731,274 shares of the stock were exchanged, compared to its average volume of 305,548. Mercury General has a 52-week low of $27.89 and a 52-week high of $56.21. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.25 and a current ratio of 0.25. The stock has a 50 day moving average price of $34.77 and a 200-day moving average price of $33.64.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 29th. Investors of record on Wednesday, March 15th will be given a $0.317 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $1.27 annualized dividend and a dividend yield of 4.22%. Mercury General’s dividend payout ratio is presently -13.71%.

Institutional Investors Weigh In On Mercury General

Several hedge funds have recently modified their holdings of the stock. Linden Thomas Advisory Services LLC acquired a new stake in shares of Mercury General in the fourth quarter worth approximately $684,000. Alliancebernstein L.P. boosted its position in shares of Mercury General by 4.1% in the fourth quarter. Alliancebernstein L.P. now owns 32,469 shares of the insurance provider’s stock worth $1,110,000 after acquiring an additional 1,270 shares during the last quarter. Point72 Middle East FZE acquired a new position in Mercury General during the fourth quarter valued at approximately $165,000. State of Tennessee Treasury Department acquired a new position in Mercury General during the fourth quarter valued at approximately $623,000. Finally, Jane Street Group LLC lifted its position in Mercury General by 164.5% during the fourth quarter. Jane Street Group LLC now owns 26,710 shares of the insurance provider’s stock valued at $913,000 after buying an additional 16,612 shares in the last quarter. 42.54% of the stock is owned by institutional investors and hedge funds.

Mercury General Company Profile

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Mercury General Corp. operates as a broker and agency writer of automobile insurance. The firm engages in writing personal automobile insurance and provides related property and casualty insurance products to its customers. Its insurance products include private passenger automobile and related insurance products such as homeowners, commercial automobile and commercial property.