OMERS ADMINISTRATION Corp Makes New Investment in Mercury General Corporation $MCY

OMERS ADMINISTRATION Corp purchased a new position in shares of Mercury General Corporation (NYSE:MCY) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,700 shares of the insurance provider’s stock, valued at approximately $1,674,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Allworth Financial LP bought a new stake in Mercury General in the second quarter worth $35,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Mercury General in the fourth quarter worth about $38,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Mercury General during the 4th quarter worth about $40,000. IFP Advisors Inc increased its holdings in shares of Mercury General by 79.4% during 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. Finally, State of Wyoming bought a new position in shares of Mercury General in the 2nd quarter valued at approximately $78,000. Institutional investors own 42.39% of the company’s stock.

Mercury General Trading Up 0.2%

Shares of MCY stock opened at $104.69 on Thursday. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 6.19 and a beta of 0.90. The stock has a 50-day moving average of $106.79 and a 200-day moving average of $98.63. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.33. Mercury General Corporation has a 1-year low of $74.29 and a 1-year high of $113.06.

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

Mercury General Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders 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 dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General’s dividend payout ratio is currently 7.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. 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. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus target price of $100.00.

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.