Pallas Capital Advisors LLC Acquires 757 Shares of Mercury General Corporation $MCY

Pallas Capital Advisors LLC increased its position in shares of Mercury General Corporation (NYSE:MCY) by 18.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,825 shares of the insurance provider’s stock after purchasing an additional 757 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Mercury General were worth $325,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bridgeway Capital Management LLC increased its position in Mercury General by 0.3% in the 1st quarter. Bridgeway Capital Management LLC now owns 49,809 shares of the insurance provider’s stock valued at $2,784,000 after acquiring an additional 161 shares in the last quarter. Inspire Investing LLC boosted its stake in Mercury General by 2.7% during the 1st quarter. Inspire Investing LLC now owns 6,158 shares of the insurance provider’s stock worth $344,000 after acquiring an additional 162 shares during the last quarter. Empowered Funds LLC boosted its stake in Mercury General by 1.7% during the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock worth $611,000 after acquiring an additional 185 shares during the last quarter. Trajan Wealth LLC boosted its stake in Mercury General by 14.7% during the 1st quarter. Trajan Wealth LLC now owns 3,877 shares of the insurance provider’s stock worth $217,000 after acquiring an additional 498 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Mercury General by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,233 shares of the insurance provider’s stock valued at $1,013,000 after buying an additional 588 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Analyst Ratings Changes

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

Mercury General Price Performance

Shares of MCY opened at $79.27 on Monday. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 11.26 and a beta of 0.98. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $80.72. The company’s fifty day simple moving average is $73.82 and its 200 day simple moving average is $64.40. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29.

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

Mercury General Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Thursday, September 11th. Mercury General’s payout ratio is currently 18.04%.

Mercury General 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.