Mercury General (NYSE:MCY) Downgraded to Buy Rating by StockNews.com

StockNews.com lowered shares of Mercury General (NYSE:MCY) from a strong-buy rating to a buy rating in a report released on Wednesday morning.

Mercury General Stock Down 4.5 %

Shares of NYSE:MCY opened at $67.41 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33. The company has a market capitalization of $3.73 billion, a PE ratio of 6.68 and a beta of 0.84. Mercury General has a 52 week low of $36.96 and a 52 week high of $80.72. The company has a 50 day moving average price of $71.83 and a two-hundred day moving average price of $63.05.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. Analysts forecast that Mercury General will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be paid a $0.317 dividend. This represents a $1.27 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, December 12th. Mercury General’s dividend payout ratio is presently 12.59%.

Insider Buying and Selling

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 35.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Mercury General

Institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP increased its holdings in shares of Mercury General by 1,190.5% in the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. CWM LLC raised its position in Mercury General by 962.3% during the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after buying an additional 510 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of Mercury General during the 2nd quarter worth $32,000. Blue Trust Inc. grew its stake in Mercury General by 8,262.5% in the 2nd quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 661 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of Mercury General by 112.0% during the second quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock worth $65,000 after buying an additional 642 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

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, 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.