Citigroup Inc. Cuts Stake in Mercury General Co. (NYSE:MCY)

Citigroup Inc. reduced its position in Mercury General Co. (NYSE:MCYFree Report) by 46.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,426 shares of the insurance provider’s stock after selling 10,880 shares during the quarter. Citigroup Inc.’s holdings in Mercury General were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MCY. Larson Financial Group LLC purchased a new stake in shares of Mercury General during the third quarter valued at $25,000. Fairfield Bush & CO. acquired a new position in shares of Mercury General during the 1st quarter worth about $33,000. Gradient Investments LLC acquired a new position in shares of Mercury General during the 3rd quarter worth about $38,000. Quarry LP raised its position in shares of Mercury General by 40.0% during the 1st quarter. Quarry LP now owns 1,263 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 361 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Mercury General by 23.8% during the 1st quarter. Captrust Financial Advisors now owns 1,244 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 239 shares during the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Mercury General from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 15th.

Check Out Our Latest Stock Analysis on MCY

Mercury General Stock Performance

NYSE:MCY opened at $48.90 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $2.71 billion, a P/E ratio of 28.10 and a beta of 0.79. The company has a 50 day moving average price of $44.92 and a 200 day moving average price of $37.89. Mercury General Co. has a fifty-two week low of $26.15 and a fifty-two week high of $52.42.

Mercury General (NYSE:MCYGet Free Report) last released its earnings results on Tuesday, February 13th. The insurance provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $1.10. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.16 billion. Mercury General had a net margin of 2.08% and a return on equity of 1.17%. Equities research analysts forecast that Mercury General Co. will post 2.9 EPS for the current year.

Mercury General Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 27th. Shareholders of record on Wednesday, March 13th will be issued a dividend of $0.317 per share. The ex-dividend date of this dividend is Tuesday, March 12th. This represents a $1.27 dividend on an annualized basis and a yield of 2.59%. Mercury General’s dividend payout ratio (DPR) is presently 72.99%.

Mercury General Company Profile

(Free Report)

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, and other coverages.

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

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