Analysts Expect Mercury General Corp. (MCY) to Post $0.55 EPS
Shares of Mercury General Corp. (NYSE:MCY) have received an average broker rating score of 3.33 (Hold) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a sell rating and two have assigned a hold rating to the company.
Brokers have set a twelve-month consensus price objective of $46.50 for the company and are expecting that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also assigned Mercury General Corp. an industry rank of 197 out of 265 based on the ratings given to related companies.
A number of research analysts have commented on the stock. Zacks Investment Research raised shares of Mercury General Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, July 6th. Compass Point cut their target price on shares of Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 2nd.
Shares of Mercury General Corp. (NYSE:MCY) traded down 0.11% during midday trading on Monday, reaching $54.87. 44,041 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $54.45 and its 200 day moving average price is $53.45. Mercury General Corp. has a 12-month low of $42.97 and a 12-month high of $56.14. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 27.31 and a beta of 0.53.
Mercury General Corp. (NYSE:MCY) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by $0.24. Mercury General Corp. had a net margin of 3.44% and a return on equity of 4.81%. The company had revenue of $858 million for the quarter, compared to the consensus estimate of $811.11 million. During the same quarter in the previous year, the business earned $0.64 EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. Equities analysts anticipate that Mercury General Corp. will post $1.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Tuesday, September 13th. Mercury General Corp.’s payout ratio is currently 124.00%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Riverhead Capital Management LLC increased its position in shares of Mercury General Corp. by 4,875.0% in the second quarter. Riverhead Capital Management LLC now owns 358,944 shares of the company’s stock worth $20,679,000 after buying an additional 351,729 shares during the last quarter. State Street Corp increased its stake in Mercury General Corp. by 7.2% in the first quarter. State Street Corp now owns 2,355,241 shares of the company’s stock valued at $130,714,000 after buying an additional 158,376 shares in the last quarter. Renaissance Technologies LLC increased its stake in Mercury General Corp. by 151.7% in the first quarter. Renaissance Technologies LLC now owns 230,700 shares of the company’s stock valued at $12,804,000 after buying an additional 139,051 shares in the last quarter. Vanguard Group Inc. increased its stake in Mercury General Corp. by 4.3% in the second quarter. Vanguard Group Inc. now owns 2,162,260 shares of the company’s stock valued at $114,946,000 after buying an additional 90,104 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Mercury General Corp. by 44.6% in the second quarter. First Trust Advisors LP now owns 212,967 shares of the company’s stock valued at $11,321,000 after buying an additional 65,720 shares in the last quarter. 43.55% of the stock is currently owned by hedge funds and other institutional investors.
About Mercury General Corp.
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.
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