Meadow Creek Investment Management LLC lifted its holdings in Mercury General Co. (NYSE:MCY) by 625.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,224 shares of the insurance provider’s stock after purchasing an additional 15,712 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Mercury General were worth $830,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. Mutual of America Capital Management LLC grew its holdings in shares of Mercury General by 3.6% in the second quarter. Mutual of America Capital Management LLC now owns 31,275 shares of the insurance provider’s stock valued at $1,425,000 after purchasing an additional 1,081 shares in the last quarter. Swiss National Bank grew its holdings in shares of Mercury General by 3.0% in the first quarter. Swiss National Bank now owns 48,200 shares of the insurance provider’s stock valued at $2,211,000 after purchasing an additional 1,400 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Mercury General by 32.9% in the first quarter. AdvisorNet Financial Inc now owns 7,132 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 1,765 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Mercury General by 18.4% in the first quarter. Blair William & Co. IL now owns 12,520 shares of the insurance provider’s stock valued at $574,000 after purchasing an additional 1,950 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Mercury General by 52.3% in the second quarter. BNP Paribas Arbitrage SA now owns 7,001 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 2,404 shares in the last quarter. 47.66% of the stock is owned by hedge funds and other institutional investors.
NYSE MCY opened at $53.54 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 0.70 and a beta of 0.56. Mercury General Co. has a 52 week low of $41.40 and a 52 week high of $60.19.
Mercury General (NYSE:MCY) last posted its quarterly earnings data on Monday, July 30th. The insurance provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.55 by $0.33. The company had revenue of $871.10 million during the quarter, compared to analyst estimates of $849.56 million. Mercury General had a net margin of 2.48% and a return on equity of 5.44%. Mercury General’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. analysts predict that Mercury General Co. will post 2.2 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Thursday, September 13th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Wednesday, September 12th. Mercury General’s payout ratio is 152.44%.
A number of research analysts recently weighed in on the stock. ValuEngine raised shares of Mercury General from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Zacks Investment Research raised shares of Mercury General from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 26th. TheStreet raised shares of Mercury General from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. Finally, Keefe, Bruyette & Woods began coverage on shares of Mercury General in a research note on Tuesday, August 28th. They set a “buy” rating and a $64.00 price objective for the company.
About Mercury General
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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
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