Mercury General (NYSE:MCY) Sets New 52-Week Low at $39.78

Posted by on Aug 4th, 2022

Mercury General Co. (NYSE:MCY – Get Rating) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $39.78 and last traded at $39.92, with a volume of 2368 shares changing hands. The stock had previously closed at $41.02.

Analyst Upgrades and Downgrades

Separately, TheStreet lowered shares of Mercury General from a “b” rating to a “c+” rating in a research note on Friday, May 6th.

Mercury General Trading Down 11.9 %

The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.20. The business’s 50 day moving average is $44.62 and its 200-day moving average is $49.96. The firm has a market cap of $1.95 billion, a P/E ratio of -34.52 and a beta of 0.39.

Mercury General (NYSE:MCY – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The insurance provider reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($1.42). The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $1 billion. Mercury General had a positive return on equity of 2.05% and a negative net margin of 1.47%. During the same quarter last year, the firm posted $1.34 EPS. As a group, analysts forecast that Mercury General Co. will post -0.7 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a $0.3175 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 3.61%. Mercury General’s dividend payout ratio (DPR) is presently -249.02%.

Institutional Trading of Mercury General

A number of hedge funds and other institutional investors have recently made changes to their positions in MCY. Allspring Global Investments Holdings LLC bought a new stake in shares of Mercury General in the fourth quarter worth $18,214,000. Commonwealth Equity Services LLC increased its stake in Mercury General by 9.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 16,704 shares of the insurance provider’s stock valued at $886,000 after purchasing an additional 1,497 shares during the last quarter. Yousif Capital Management LLC bought a new stake in Mercury General during the fourth quarter valued at $736,000. D.A. Davidson & CO. increased its stake in Mercury General by 1.1% during the fourth quarter. D.A. Davidson & CO. now owns 37,626 shares of the insurance provider’s stock valued at $1,996,000 after purchasing an additional 398 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Mercury General by 46.4% during the fourth quarter. Qube Research & Technologies Ltd now owns 76,225 shares of the insurance provider’s stock valued at $4,044,000 after purchasing an additional 24,148 shares during the last quarter. Institutional investors own 40.01% of the company’s stock.

About Mercury General

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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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, fire, and other hazards.

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