ING Groep NV Acquires New Position in Mercury General Corporation (MCY)

ING Groep NV acquired a new stake in Mercury General Corporation (NYSE:MCY) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 4,441 shares of the insurance provider’s stock, valued at approximately $240,000.

A number of other large investors have also made changes to their positions in MCY. First Manhattan Co. increased its stake in shares of Mercury General Corporation by 1.1% in the first quarter. First Manhattan Co. now owns 37,642 shares of the insurance provider’s stock valued at $2,064,000 after buying an additional 400 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Mercury General Corporation by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,595 shares of the insurance provider’s stock valued at $768,000 after buying an additional 200 shares in the last quarter. State Street Corp increased its stake in shares of Mercury General Corporation by 10.0% in the first quarter. State Street Corp now owns 2,454,423 shares of the insurance provider’s stock valued at $149,695,000 after buying an additional 222,388 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Mercury General Corporation by 48.9% in the first quarter. Legal & General Group Plc now owns 36,312 shares of the insurance provider’s stock valued at $2,214,000 after buying an additional 11,923 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Mercury General Corporation by 5.2% in the first quarter. Nisa Investment Advisors LLC now owns 48,640 shares of the insurance provider’s stock valued at $2,967,000 after buying an additional 2,390 shares in the last quarter. 46.42% of the stock is owned by hedge funds and other institutional investors.

Shares of Mercury General Corporation (NYSE:MCY) traded down 0.27% during midday trading on Friday, reaching $58.10. The company had a trading volume of 175,340 shares. The firm has a market cap of $3.21 billion, a P/E ratio of 40.63 and a beta of 0.50. Mercury General Corporation has a 52-week low of $50.32 and a 52-week high of $64.52. The company’s 50-day moving average is $55.63 and its 200-day moving average is $57.55.

Mercury General Corporation (NYSE:MCY) last posted its earnings results on Monday, July 31st. The insurance provider reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.18. The firm had revenue of $852.80 million for the quarter, compared to analyst estimates of $815.85 million. Mercury General Corporation had a return on equity of 6.66% and a net margin of 2.45%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. Equities research analysts expect that Mercury General Corporation will post $1.97 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders 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 yield of 4.29%. Mercury General Corporation’s dividend payout ratio is presently 172.92%.

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Several equities research analysts recently issued reports on MCY shares. Zacks Investment Research downgraded Mercury General Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 3rd. BidaskClub raised Mercury General Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd.

In other Mercury General Corporation news, CEO Gabriel Tirador sold 2,355 shares of Mercury General Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $59.00, for a total transaction of $138,945.00. Following 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 filing with the SEC, which is accessible through this hyperlink. Also, VP Randall R. Petro sold 1,672 shares of Mercury General Corporation stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $55.52, for a total value of $92,829.44. The disclosure for this sale can be found here. Insiders own 34.30% of the company’s stock.

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.

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

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