PNC Financial Services Group Inc. Has $128,000 Stock Holdings in Mercury General Corporation $MCY

PNC Financial Services Group Inc. trimmed its stake in Mercury General Corporation (NYSE:MCY) by 32.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,292 shares of the insurance provider’s stock after selling 1,094 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mercury General were worth $128,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MCY. Castlekeep Investment Advisors LLC bought a new position in shares of Mercury General in the fourth quarter valued at $113,252,000. Assenagon Asset Management S.A. bought a new position in shares of Mercury General during the first quarter valued at about $53,535,000. Western Standard LLC bought a new position in shares of Mercury General during the fourth quarter valued at about $9,815,000. AQR Capital Management LLC lifted its position in shares of Mercury General by 88.2% during the fourth quarter. AQR Capital Management LLC now owns 216,589 shares of the insurance provider’s stock valued at $14,399,000 after purchasing an additional 101,488 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in shares of Mercury General by 102.2% during the fourth quarter. Cubist Systematic Strategies LLC now owns 175,641 shares of the insurance provider’s stock valued at $11,677,000 after purchasing an additional 88,767 shares in the last quarter. 42.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $90.00 price target (up from $80.00) on shares of Mercury General in a research report on Monday, August 4th. Wall Street Zen raised shares of Mercury General from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the stock has a consensus rating of “Strong Buy” and an average target price of $90.00.

Mercury General Price Performance

MCY opened at $73.6160 on Wednesday. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 10.46 and a beta of 0.96. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $68.20 and a 200-day moving average price of $60.36. Mercury General Corporation has a twelve month low of $44.19 and a twelve month high of $80.72.

Mercury General (NYSE:MCY) last posted its earnings results on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $2.77. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.45 billion. Mercury General had a net margin of 6.76% and a return on equity of 16.61%. Equities analysts expect that Mercury General Corporation will post -0.5 EPS for the current year.

Mercury General Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be paid a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.27 annualized dividend and a yield of 1.7%. Mercury General’s payout ratio is currently 18.04%.

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.