Algert Global LLC Increases Stake in Mercury General Co. (NYSE:MCY)

Algert Global LLC raised its holdings in shares of Mercury General Co. (NYSE:MCY) by 40.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,415 shares of the insurance provider’s stock after acquiring an additional 7,329 shares during the quarter. Algert Global LLC’s holdings in Mercury General were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Smartleaf Asset Management LLC grew its holdings in Mercury General by 145.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 328 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Mercury General in the 4th quarter worth approximately $44,000. Sterling Capital Management LLC raised its stake in Mercury General by 772.9% during the 4th quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 657 shares during the period. Millstone Evans Group LLC purchased a new position in Mercury General during the fourth quarter valued at approximately $60,000. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Mercury General in the fourth quarter worth approximately $68,000. Institutional investors own 42.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MCY shares. Raymond James upgraded Mercury General from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $70.00 to $80.00 in a research note on Wednesday, February 12th. StockNews.com downgraded Mercury General from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th.

Mercury General Stock Performance

MCY opened at $60.11 on Friday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 7.11 and a beta of 0.90. Mercury General Co. has a fifty-two week low of $44.19 and a fifty-two week high of $80.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.34 and a current ratio of 0.34. The company has a fifty day moving average of $54.84 and a 200 day moving average of $60.36.

Mercury General (NYSE:MCY) last issued its earnings results on Tuesday, May 6th. The insurance provider reported ($2.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.00) by $1.71. Mercury General had a return on equity of 22.54% and a net margin of 8.55%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.36 billion. As a group, sell-side analysts forecast that Mercury General Co. will post -0.5 earnings per share for the current fiscal year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 2.11%. Mercury General’s dividend payout ratio is currently 24.61%.

Mercury General Company Profile

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, and other coverages.