CIBC Asset Management Inc Purchases Shares of 5,009 Mercury General Corporation $MCY

CIBC Asset Management Inc purchased a new stake in Mercury General Corporation (NYSE:MCY) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 5,009 shares of the insurance provider’s stock, valued at approximately $471,000.

Other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new position in Mercury General in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in Mercury General in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp raised its holdings in Mercury General by 236.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 457 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 321 shares during the last quarter. Caitlin John LLC acquired a new position in Mercury General in the 3rd quarter valued at $41,000. Finally, IFP Advisors Inc raised its holdings in Mercury General by 79.4% in the 4th quarter. IFP Advisors Inc now owns 506 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 224 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Stock Up 0.0%

Shares of NYSE MCY opened at $101.04 on Wednesday. Mercury General Corporation has a 52-week low of $62.25 and a 52-week high of $103.86. The firm has a fifty day moving average of $96.54 and a 200-day moving average of $92.68. The stock has a market capitalization of $5.60 billion, a PE ratio of 6.66 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.22.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $1.35. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.46 billion. On average, analysts anticipate that Mercury General Corporation will post 11.38 EPS for the current year.

Mercury General Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, June 11th. Mercury General’s dividend payout ratio is 8.37%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MCY. Weiss Ratings reissued a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 31st. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Mercury General presently has a consensus rating of “Strong Buy” and a consensus price target of $100.00.

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.