Frontier Investment Mgmt Co. boosted its holdings in shares of Mercury Insurance Group (NYSE:MCY) by 16.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 224,699 shares of the insurance provider’s stock after buying an additional 31,595 shares during the period. Frontier Investment Mgmt Co. owned approximately 0.41% of Mercury Insurance Group worth $10,307,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Quantitative Systematic Strategies LLC acquired a new position in Mercury Insurance Group during the first quarter worth $1,119,000. Swiss National Bank raised its holdings in Mercury Insurance Group by 3.0% during the first quarter. Swiss National Bank now owns 48,200 shares of the insurance provider’s stock worth $2,211,000 after buying an additional 1,400 shares during the last quarter. D.A. Davidson & CO. raised its holdings in Mercury Insurance Group by 70.4% during the first quarter. D.A. Davidson & CO. now owns 31,531 shares of the insurance provider’s stock worth $1,446,000 after buying an additional 13,028 shares during the last quarter. Prudential Financial Inc. raised its holdings in Mercury Insurance Group by 17.7% during the first quarter. Prudential Financial Inc. now owns 39,121 shares of the insurance provider’s stock worth $1,794,000 after buying an additional 5,890 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Mercury Insurance Group during the first quarter worth $866,000. Hedge funds and other institutional investors own 47.11% of the company’s stock.
Separately, Zacks Investment Research downgraded shares of Mercury Insurance Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 7th.
Mercury Insurance Group (NYSE:MCY) last announced its earnings results on Monday, April 30th. The insurance provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.41). The firm had revenue of $841.92 million during the quarter, compared to analysts’ expectations of $843.11 million. Mercury Insurance Group had a net margin of 2.25% and a return on equity of 4.77%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. equities research analysts anticipate that Mercury Insurance Group will post 2.3 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 28th. Stockholders of record on Thursday, June 14th will be issued a $0.625 dividend. The ex-dividend date is Wednesday, June 13th. This represents a $2.50 annualized dividend and a dividend yield of 5.27%. Mercury Insurance Group’s dividend payout ratio is currently 152.44%.
Mercury Insurance Group 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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
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