Securian Asset Management Inc lessened its stake in shares of Mercury General Co. (NYSE:MCY) by 25.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,320 shares of the insurance provider’s stock after selling 1,152 shares during the period. Securian Asset Management Inc’s holdings in Mercury General were worth $167,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MERIAN GLOBAL INVESTORS UK Ltd raised its position in shares of Mercury General by 212.5% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 244,861 shares of the insurance provider’s stock worth $12,282,000 after purchasing an additional 166,502 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Mercury General by 4.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock worth $24,469,000 after purchasing an additional 24,606 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Mercury General by 9.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 12,320 shares of the insurance provider’s stock worth $561,000 after purchasing an additional 1,094 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Mercury General during the 2nd quarter worth about $5,172,000. Finally, Gifford Fong Associates acquired a new position in shares of Mercury General during the 2nd quarter worth about $137,000. Hedge funds and other institutional investors own 47.86% of the company’s stock.
Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods set a $69.00 price target on shares of Mercury General and gave the stock a “buy” rating in a research report on Monday. Zacks Investment Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research report on Saturday, August 4th. TheStreet upgraded shares of Mercury General from a “c+” rating to a “b-” rating in a research report on Friday, August 10th. Finally, ValuEngine upgraded shares of Mercury General from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st.
Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, October 29th. The insurance provider reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.38. The company had revenue of $905.34 million during the quarter, compared to the consensus estimate of $877.06 million. Mercury General had a net margin of 2.80% and a return on equity of 7.13%. Mercury General’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. On average, sell-side analysts expect that Mercury General Co. will post 2.47 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Thursday, December 13th will be issued a $0.6275 dividend. This is an increase from Mercury General’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Wednesday, December 12th. This represents a $2.51 dividend on an annualized basis and a yield of 4.23%. Mercury General’s dividend payout ratio is presently 152.44%.
About Mercury General
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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