Mackay Shields LLC raised its position in Mercury General Co. (NYSE:MCY) by 21.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 139,987 shares of the insurance provider’s stock after acquiring an additional 25,019 shares during the quarter. Mackay Shields LLC’s holdings in Mercury General were worth $7,823,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Krane Funds Advisors LLC acquired a new position in Mercury General in the 2nd quarter valued at $26,000. NEXT Financial Group Inc purchased a new stake in shares of Mercury General during the 2nd quarter worth $73,000. Coastal Investment Advisors Inc. boosted its position in shares of Mercury General by 1,629.3% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 1,297 shares of the insurance provider’s stock worth $81,000 after buying an additional 1,222 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Mercury General in the 2nd quarter worth about $150,000. Finally, Advisor Group Inc. boosted its position in shares of Mercury General by 22.9% in the 2nd quarter. Advisor Group Inc. now owns 2,591 shares of the insurance provider’s stock worth $162,000 after buying an additional 482 shares in the last quarter. 42.96% of the stock is currently owned by institutional investors.
Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of Mercury General from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 30th. ValuEngine lowered shares of Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods lowered shares of Mercury General from an “outperform” rating to a “market perform” rating and set a $50.00 price objective on the stock. in a research report on Monday, October 28th.
Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). The business had revenue of $983.10 million during the quarter, compared to analysts’ expectations of $968.71 million. Mercury General had a return on equity of 6.81% and a net margin of 5.43%. Mercury General’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.11 earnings per share. As a group, analysts expect that Mercury General Co. will post 2.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 5.15%. This is a positive change from Mercury General’s previous quarterly dividend of $0.63. The ex-dividend date is Wednesday, December 11th. Mercury General’s dividend payout ratio is 139.44%.
About Mercury General
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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