Mercury General Co. (NYSE:MCY) Position Reduced by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System trimmed its stake in shares of Mercury General Co. (NYSE:MCYGet Rating) by 71.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,124 shares of the insurance provider’s stock after selling 22,517 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Mercury General were worth $404,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC lifted its position in shares of Mercury General by 52.9% in the 2nd quarter. ProShare Advisors LLC now owns 635,379 shares of the insurance provider’s stock worth $28,146,000 after buying an additional 219,844 shares during the last quarter. State Street Corp lifted its position in shares of Mercury General by 20.8% in the 1st quarter. State Street Corp now owns 1,274,652 shares of the insurance provider’s stock worth $70,106,000 after buying an additional 219,719 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Mercury General in the 2nd quarter worth about $6,248,000. BlackRock Inc. lifted its position in shares of Mercury General by 5.3% in the 1st quarter. BlackRock Inc. now owns 2,534,551 shares of the insurance provider’s stock worth $139,401,000 after buying an additional 126,512 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Mercury General by 9.8% in the 1st quarter. First Trust Advisors LP now owns 714,309 shares of the insurance provider’s stock worth $39,287,000 after acquiring an additional 63,925 shares during the period. 40.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on MCY shares. StockNews.com started coverage on shares of Mercury General in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Raymond James raised shares of Mercury General from an “underperform” rating to a “strong-buy” rating and set a $45.00 price objective on the stock in a report on Friday, November 4th.

Mercury General Stock Down 0.6 %

MCY stock opened at $36.82 on Monday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.24. Mercury General Co. has a fifty-two week low of $27.89 and a fifty-two week high of $56.94. The firm’s 50-day simple moving average is $31.53 and its 200 day simple moving average is $38.42. The stock has a market cap of $2.04 billion, a PE ratio of -4.29 and a beta of 0.49.

Mercury General Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th will be paid a dividend of $0.3175 per share. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $1.27 annualized dividend and a yield of 3.45%. Mercury General’s payout ratio is -14.78%.

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.

Further Reading

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

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