Mercury General (NYSE:MCY) Stock Price Up 5.5% – Here’s What Happened

Shares of Mercury General Co. (NYSE:MCY) rose 5.5% during mid-day trading on Thursday . The stock traded as high as $50.27 and last traded at $50.30. Approximately 469,912 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 1,166,227 shares. The stock had previously closed at $47.69.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 26th.

Mercury General Trading Up 5.1 %

The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 4.97 and a beta of 0.87. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $67.56 and a two-hundred day moving average of $64.33.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. During the same period in the previous year, the company earned $1.14 earnings per share. On average, research analysts expect that Mercury General Co. will post 5.05 EPS for the current year.

Mercury General Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th were paid a $0.317 dividend. The ex-dividend date was Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 2.53%. Mercury General’s payout ratio is presently 12.59%.

Insider Buying and Selling

In related news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 35.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its stake in Mercury General by 1,190.5% during the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after buying an additional 500 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Mercury General by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 1,151 shares of the insurance provider’s stock worth $72,000 after acquiring an additional 482 shares during the period. CWM LLC boosted its position in shares of Mercury General by 115.8% during the 3rd quarter. CWM LLC now owns 1,215 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 652 shares in the last quarter. Quarry LP increased its stake in Mercury General by 112.0% in the second quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock valued at $65,000 after acquiring an additional 642 shares during the period. Finally, Quest Partners LLC raised its position in Mercury General by 12,340.0% in the third quarter. Quest Partners LLC now owns 1,244 shares of the insurance provider’s stock worth $78,000 after purchasing an additional 1,234 shares in the last quarter. Institutional investors 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.