Mercury General (NYSE:MCY) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Mercury General Corporation (NYSE:MCY) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $80.74 and traded as high as $90.60. Mercury General shares last traded at $90.2460, with a volume of 137,374 shares traded.

Wall Street Analyst Weigh In

MCY has been the subject of several analyst reports. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a research note on Wednesday, October 8th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $100.00 price target (up previously from $90.00) on shares of Mercury General in a research note on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $100.00.

Mercury General Stock Performance

The stock has a market cap of $5.00 billion, a P/E ratio of 11.38 and a beta of 0.93. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.45 and a quick ratio of 0.45. The company has a fifty day moving average of $90.63 and a 200 day moving average of $80.74.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, November 4th. The insurance provider reported $3.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $1.71. Mercury General had a return on equity of 19.53% and a net margin of 7.55%.The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.49 billion. On average, equities analysts predict that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 10th were given a dividend of $0.3175 per share. The ex-dividend date was Wednesday, December 10th. This represents a $1.27 annualized dividend and a dividend yield of 1.4%. Mercury General’s dividend payout ratio (DPR) is 16.02%.

Institutional Trading of Mercury General

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCY. Assenagon Asset Management S.A. grew its position in Mercury General by 75.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 65,124 shares of the insurance provider’s stock worth $6,126,000 after buying an additional 28,071 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Mercury General by 19.2% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the insurance provider’s stock worth $71,000 after acquiring an additional 121 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Mercury General by 18.6% during the 3rd quarter. Allworth Financial LP now owns 753 shares of the insurance provider’s stock worth $64,000 after acquiring an additional 118 shares in the last quarter. Cambria Investment Management L.P. grew its holdings in shares of Mercury General by 25.0% in the 3rd quarter. Cambria Investment Management L.P. now owns 9,952 shares of the insurance provider’s stock worth $844,000 after acquiring an additional 1,989 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Mercury General during the third quarter worth $243,000. 42.39% of the stock is owned by institutional investors and hedge funds.

About Mercury General

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.