Globeflex Capital L P Invests $4.90 Million in Mercury General Corporation $MCY

Globeflex Capital L P bought a new stake in Mercury General Corporation (NYSE:MCY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 45,964 shares of the insurance provider’s stock, valued at approximately $4,901,000. Globeflex Capital L P owned approximately 0.08% of Mercury General as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada lifted its stake in Mercury General by 58.8% during the 1st quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock valued at $3,036,000 after acquiring an additional 20,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Mercury General by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after purchasing an additional 702 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Mercury General by 8.5% in the first quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock valued at $6,223,000 after purchasing an additional 8,742 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Mercury General by 1.7% during the first quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock valued at $611,000 after purchasing an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Mercury General by 194.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock valued at $81,000 after purchasing an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Mercury General Trading Up 0.1%

NYSE MCY opened at $105.77 on Monday. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 6.25 and a beta of 0.90. Mercury General Corporation has a one year low of $74.29 and a one year high of $113.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47. The business’s fifty day moving average is $106.58 and its 200-day moving average is $98.35.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.52 billion. Equities research analysts predict that Mercury General Corporation will post 12.75 EPS for the current year.

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 10th. Mercury General’s payout ratio is presently 7.51%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MCY shares. Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the stock currently has an average 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.