Sierra Summit Advisors LLC Takes $976,000 Position in Mercury General Corporation $MCY

Sierra Summit Advisors LLC acquired a new stake in Mercury General Corporation (NYSE:MCY) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,379 shares of the insurance provider’s stock, valued at approximately $976,000.

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

Analysts Set New Price Targets

MCY has been the topic of a number of analyst reports. Zacks Research cut Mercury General from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings restated a “buy (b-)” rating on shares of Mercury General in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $100.00.

Mercury General Stock Performance

Shares of MCY stock opened at $102.97 on Thursday. The stock has a market capitalization of $5.70 billion, a PE ratio of 6.79 and a beta of 0.92. Mercury General Corporation has a 52-week low of $59.01 and a 52-week high of $103.86. The stock’s 50-day moving average price is $93.34 and its 200 day moving average price is $91.18. 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 issued its quarterly earnings results 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. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Mercury General had a return on equity of 32.94% and a net margin of 13.68%. As a group, equities research analysts forecast that Mercury General Corporation will post 11.75 EPS for the current year.

Mercury General Dividend Announcement

The business 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 $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, June 11th. Mercury General’s payout ratio is 8.37%.

About Mercury General

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.