Mercury General (NYSE:MCY) Shares Gap Down to $39.97

Shares of Mercury General Co. (NYSE:MCYGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $39.97, but opened at $37.37. Mercury General shares last traded at $35.24, with a volume of 2,183 shares changing hands.

Wall Street Analysts Forecast Growth

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

Mercury General Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $1.80 billion, a PE ratio of -4.77 and a beta of 0.39. The company’s 50-day simple moving average is $44.29 and its 200 day simple moving average is $49.84.

Mercury General (NYSE:MCYGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The insurance provider reported ($0.77) EPS for the quarter, missing the consensus estimate of $0.65 by ($1.42). Mercury General had a negative net margin of 10.52% and a negative return on equity of 1.91%. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business earned $1.34 EPS. On average, sell-side analysts predict that Mercury General Co. will post -0.7 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 3.92%. Mercury General’s payout ratio is -37.41%.

Institutional Investors Weigh In On Mercury General

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Mercury General by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 511,706 shares of the insurance provider’s stock valued at $27,152,000 after purchasing an additional 11,095 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Mercury General by 25.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 30,312 shares of the insurance provider’s stock valued at $1,608,000 after purchasing an additional 6,163 shares in the last quarter. Versor Investments LP raised its holdings in shares of Mercury General by 40.3% in the 1st quarter. Versor Investments LP now owns 8,677 shares of the insurance provider’s stock valued at $477,000 after purchasing an additional 2,494 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Mercury General during the 4th quarter worth $301,000. Finally, O Shares Investment Advisers LLC raised its stake in Mercury General by 3.2% during the 4th quarter. O Shares Investment Advisers LLC now owns 24,971 shares of the insurance provider’s stock worth $1,325,000 after acquiring an additional 764 shares in the last quarter. 40.01% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Company Profile

(Get Rating)

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.

Further Reading

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