Mercury General (NYSE:MCY) Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Mercury General (NYSE:MCY) from a strong-buy rating to a buy rating in a research note published on Wednesday morning.

Mercury General Stock Performance

NYSE MCY opened at $52.03 on Wednesday. The firm has a market capitalization of $2.88 billion, a P/E ratio of 29.90 and a beta of 0.80. Mercury General has a 1-year low of $26.15 and a 1-year high of $54.59. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.30 and a quick ratio of 0.30. The business’s 50-day simple moving average is $48.84 and its 200-day simple moving average is $40.57.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, February 13th. The insurance provider reported $1.15 EPS for the quarter, beating the consensus estimate of $0.05 by $1.10. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.16 billion. Mercury General had a return on equity of 1.17% and a net margin of 2.08%. Equities analysts predict that Mercury General will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.317 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $1.27 annualized dividend and a yield of 2.44%. Mercury General’s dividend payout ratio is presently 72.99%.

Institutional Investors Weigh In On Mercury General

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC bought a new stake in shares of Mercury General in the 3rd quarter valued at approximately $25,000. Quarry LP increased its holdings in shares of Mercury General by 35.6% in the 4th quarter. Quarry LP now owns 876 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 230 shares during the last quarter. Fairfield Bush & CO. bought a new stake in shares of Mercury General in the 1st quarter valued at approximately $33,000. Gradient Investments LLC bought a new stake in shares of Mercury General in the 3rd quarter valued at approximately $38,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Mercury General by 5,212.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,700 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 1,668 shares during the last quarter. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

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.