Mercury General (NYSE:MCY) Sets New 12-Month High – Here’s Why

Mercury General Corporation (NYSE:MCY)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $102.98 and last traded at $103.5240, with a volume of 55977 shares traded. The stock had previously closed at $98.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a report on Thursday, January 22nd. Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Zacks Research lowered Mercury General from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Mercury General currently has an average rating of “Buy” and an average target price of $100.00.

Mercury General Stock Up 4.0%

The company has a market cap of $5.65 billion, a P/E ratio of 6.73 and a beta of 0.92. The company has a 50 day moving average of $92.67 and a 200-day moving average of $90.66. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.44 and a quick ratio of 0.44.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $1.35. Mercury General had a return on equity of 32.94% and a net margin of 13.68%.The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.46 billion. On average, equities analysts predict that Mercury General Corporation will post 9 earnings per share for the current year.

Mercury General Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, June 11th. Mercury General’s payout ratio is 8.37%.

Institutional Investors Weigh In On Mercury General

Hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management bought a new stake in shares of Mercury General in the 3rd quarter valued at about $4,722,000. Versor Investments LP bought a new stake in shares of Mercury General in the 3rd quarter valued at about $1,051,000. Ritholtz Wealth Management lifted its stake in shares of Mercury General by 579.7% in the 4th quarter. Ritholtz Wealth Management now owns 25,523 shares of the insurance provider’s stock valued at $2,401,000 after acquiring an additional 21,768 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Mercury General by 14.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 103,730 shares of the insurance provider’s stock valued at $8,794,000 after acquiring an additional 13,208 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Mercury General by 75.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 65,124 shares of the insurance provider’s stock valued at $6,126,000 after acquiring an additional 28,071 shares during the last quarter. Institutional investors own 42.39% of the company’s stock.

Mercury General Company Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.