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

Mercury General Corporation (NYSE:MCY)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $87.29 and traded as high as $89.30. Mercury General shares last traded at $88.47, with a volume of 160,267 shares.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MCY shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercury General in a research note on Thursday, January 22nd. Zacks Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 26th. Finally, Wall Street Zen raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Two research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, the stock has an average rating of “Strong Buy” and a consensus target price of $100.00.

Mercury General Trading Up 1.1%

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.42 and a quick ratio of 0.42. The business has a 50-day simple moving average of $89.58 and a two-hundred day simple moving average of $87.29. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 9.06 and a beta of 0.92.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, February 17th. The insurance provider reported $3.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $1.10. Mercury General had a return on equity of 20.74% and a net margin of 9.03%.The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Equities analysts forecast that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be issued a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $1.27 annualized dividend and a yield of 1.4%. Mercury General’s dividend payout ratio (DPR) is currently 13.00%.

Hedge Funds Weigh In On Mercury General

Several institutional investors and hedge funds have recently modified their holdings of the stock. Park West Asset Management LLC acquired a new stake in shares of Mercury General during the 3rd quarter worth about $23,953,000. Rubric Capital Management LP grew its stake in Mercury General by 12.8% in the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider’s stock valued at $138,350,000 after buying an additional 232,721 shares during the last quarter. Goldentree Asset Management LP acquired a new position in Mercury General in the 2nd quarter valued at about $10,935,000. Sei Investments Co. raised its holdings in Mercury General by 2,513.7% in the 2nd quarter. Sei Investments Co. now owns 157,893 shares of the insurance provider’s stock valued at $10,633,000 after acquiring an additional 151,852 shares during the period. Finally, Philosophy Capital Management LLC acquired a new stake in Mercury General during the third quarter worth approximately $11,778,000. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Company Profile

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.