Mercury General (NYSE:MCY) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Mercury General (NYSE:MCY) posted its earnings results on Monday. The insurance provider reported $0.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.17), Briefing.com reports. The company had revenue of $936.10 million during the quarter, compared to analysts’ expectations of $922.34 million. Mercury General had a return on equity of 8.50% and a net margin of 4.78%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share.

Shares of Mercury General stock opened at $57.31 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50-day simple moving average of $62.23. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 31.84, a price-to-earnings-growth ratio of 0.46 and a beta of 0.24. Mercury General has a 1 year low of $47.96 and a 1 year high of $65.22.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a $0.6275 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $2.51 annualized dividend and a dividend yield of 4.38%. Mercury General’s payout ratio is 139.44%.

In related news, VP Charles Toney sold 600 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $60.45, for a total value of $36,270.00. Following the completion of the transaction, the vice president now directly owns 11,803 shares in the company, valued at approximately $713,491.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 34.20% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Vaughan Nelson Investment Management L.P. bought a new stake in Mercury General during the 1st quarter valued at about $43,981,000. Principal Financial Group Inc. increased its stake in Mercury General by 20.2% during the 4th quarter. Principal Financial Group Inc. now owns 142,014 shares of the insurance provider’s stock valued at $7,344,000 after purchasing an additional 23,884 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in Mercury General by 25.7% during the 1st quarter. Flagship Harbor Advisors LLC now owns 3,055 shares of the insurance provider’s stock valued at $152,000 after purchasing an additional 624 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Mercury General during the 1st quarter valued at about $59,000. Finally, Stephens Inc. AR increased its stake in Mercury General by 29.6% during the 1st quarter. Stephens Inc. AR now owns 28,165 shares of the insurance provider’s stock valued at $1,410,000 after purchasing an additional 6,425 shares in the last quarter. Institutional investors and hedge funds own 43.91% of the company’s stock.

MCY has been the subject of several research reports. Zacks Investment Research lowered shares of Green Plains Partners from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. TheStreet lowered shares of UDR from a “b” rating to a “c” rating in a research note on Tuesday, April 30th. Finally, ValuEngine upgraded shares of Zebra Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday.

Mercury General Company Profile

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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners' insurance products cover dwelling, liability, personal property, fire, and other hazards.

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Earnings History for Mercury General (NYSE:MCY)

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