StockNews.com Upgrades Mercury General (NYSE:MCY) to “Strong-Buy”

Mercury General (NYSE:MCY) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday.

Mercury General Stock Down 2.5 %

Shares of NYSE MCY traded down $1.85 during trading hours on Tuesday, hitting $72.07. 269,305 shares of the stock were exchanged, compared to its average volume of 237,181. Mercury General has a 12 month low of $36.96 and a 12 month high of $80.72. The firm has a fifty day moving average price of $70.92 and a 200-day moving average price of $62.45. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The company has a market cap of $3.99 billion, a PE ratio of 7.14 and a beta of 0.84.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the business posted $1.14 earnings per share. On average, sell-side analysts expect that Mercury General will post 6.35 EPS for the current year.

Insiders Place Their Bets

In related news, VP Heidi C. Sullivan sold 1,076 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 35.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MCY. Louisiana State Employees Retirement System raised its position in Mercury General by 1.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after purchasing an additional 200 shares during the last quarter. Diversified Trust Co raised its position in shares of Mercury General by 4.2% in the second quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock valued at $434,000 after buying an additional 326 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Mercury General by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 15,660 shares of the insurance provider’s stock worth $832,000 after purchasing an additional 396 shares during the last quarter. Empowered Funds LLC increased its position in Mercury General by 4.6% during the third quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider’s stock worth $648,000 after purchasing an additional 454 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Mercury General by 1.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider’s stock worth $3,016,000 after purchasing an additional 481 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Company Profile

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.