Bank of America Corp DE lowered its stake in Mercury General Corporation (NYSE:MCY) by 44.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,581 shares of the insurance provider’s stock after selling 33,913 shares during the period. Bank of America Corp DE’s holdings in Mercury General Corporation were worth $2,597,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Mercury General Corporation by 14,206.4% in the first quarter. BlackRock Inc. now owns 6,820,006 shares of the insurance provider’s stock valued at $415,954,000 after buying an additional 6,772,335 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Mercury General Corporation by 5.2% in the first quarter. Vanguard Group Inc. now owns 2,465,753 shares of the insurance provider’s stock valued at $150,386,000 after buying an additional 120,934 shares during the last quarter. Asset Management One Co. Ltd. bought a new position in shares of Mercury General Corporation during the first quarter valued at approximately $3,108,000. First Trust Advisors LP increased its position in shares of Mercury General Corporation by 16.9% in the first quarter. First Trust Advisors LP now owns 310,769 shares of the insurance provider’s stock valued at $18,954,000 after buying an additional 44,953 shares during the last quarter. Finally, Systematic Financial Management LP bought a new position in shares of Mercury General Corporation during the first quarter valued at approximately $1,803,000. 46.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Mercury General Corporation (MCY) remained flat at $58.69 on Wednesday. 23,052 shares of the stock traded hands. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 41.04 and a beta of 0.50. Mercury General Corporation has a 12-month low of $50.32 and a 12-month high of $64.52. The company’s 50-day moving average price is $55.15 and its 200 day moving average price is $57.60.
Mercury General Corporation (NYSE:MCY) last released its earnings results on Monday, July 31st. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.18. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The firm had revenue of $852.80 million during the quarter, compared to analyst estimates of $815.85 million. During the same period last year, the business earned $0.88 earnings per share. The business’s revenue was down .6% on a year-over-year basis. On average, equities research analysts anticipate that Mercury General Corporation will post $1.97 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be issued a dividend of $0.6225 per share. The ex-dividend date is Wednesday, September 13th. This represents a $2.49 annualized dividend and a dividend yield of 4.24%. Mercury General Corporation’s payout ratio is 172.92%.
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MCY has been the topic of several recent research reports. BidaskClub downgraded Mercury General Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded Mercury General Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 3rd.
In other news, CEO Gabriel Tirador sold 2,355 shares of Mercury General Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the completion of the transaction, the chief executive officer now directly owns 36,239 shares in the company, valued at $2,138,101. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Randall R. Petro sold 1,672 shares of Mercury General Corporation stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.52, for a total transaction of $92,829.44. The disclosure for this sale can be found here. 34.30% of the stock is currently owned by company insiders.
About Mercury General Corporation
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
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