Bank of America Corp DE Sells 33,073 Shares of Mercury General Co. (NYSE:MCY)

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Bank of America Corp DE reduced its holdings in shares of Mercury General Co. (NYSE:MCY) by 46.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,718 shares of the insurance provider’s stock after selling 33,073 shares during the quarter. Bank of America Corp DE owned approximately 0.07% of Mercury General worth $2,420,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Arizona State Retirement System grew its stake in shares of Mercury General by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 19,686 shares of the insurance provider’s stock worth $1,230,000 after acquiring an additional 215 shares in the last quarter. Aperio Group LLC grew its stake in shares of Mercury General by 1.2% in the second quarter. Aperio Group LLC now owns 24,006 shares of the insurance provider’s stock valued at $1,500,000 after buying an additional 290 shares in the last quarter. New York State Teachers Retirement System grew its stake in shares of Mercury General by 0.5% in the second quarter. New York State Teachers Retirement System now owns 60,234 shares of the insurance provider’s stock valued at $3,765,000 after buying an additional 300 shares in the last quarter. Krane Funds Advisors LLC bought a new position in shares of Mercury General in the second quarter valued at $26,000. Finally, Advisor Group Inc. grew its stake in shares of Mercury General by 22.9% in the second quarter. Advisor Group Inc. now owns 2,591 shares of the insurance provider’s stock valued at $162,000 after buying an additional 482 shares in the last quarter. 43.33% of the stock is owned by institutional investors.

NYSE:MCY opened at $54.39 on Monday. Mercury General Co. has a 1-year low of $48.23 and a 1-year high of $65.22. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.21. The firm has a fifty day simple moving average of $54.68 and a 200 day simple moving average of $56.37. The stock has a market capitalization of $3.01 billion, a PE ratio of 30.22, a P/E/G ratio of 0.45 and a beta of 0.25.

Mercury General (NYSE:MCY) last released its earnings results on Monday, July 29th. The insurance provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.17). Mercury General had a net margin of 5.28% and a return on equity of 7.97%. The firm had revenue of $936.10 million during the quarter, compared to the consensus estimate of $922.34 million. During the same period in the prior year, the business posted $0.88 earnings per share. Mercury General’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities analysts predict that Mercury General Co. will post 3.19 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were paid a $0.6275 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $2.51 annualized dividend and a dividend yield of 4.61%. Mercury General’s dividend payout ratio is presently 139.44%.

Several research firms recently weighed in on MCY. ValuEngine cut shares of Mercury General from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Zacks Investment Research raised shares of Mercury General from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 2nd.

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, 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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Institutional Ownership by Quarter for Mercury General (NYSE:MCY)

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