State Treasurer State of Michigan increased its stake in Mercury General Corporation (NYSE:MCY) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 15,000 shares of the insurance provider’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in Mercury General Corporation were worth $810,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MCY. Tyers Asset Management LLC increased its stake in shares of Mercury General Corporation by 6.3% in the first quarter. Tyers Asset Management LLC now owns 1,904 shares of the insurance provider’s stock valued at $116,000 after buying an additional 112 shares during the period. Flinton Capital Management LLC increased its stake in shares of Mercury General Corporation by 6.3% in the first quarter. Flinton Capital Management LLC now owns 2,312 shares of the insurance provider’s stock valued at $141,000 after buying an additional 136 shares during the period. LS Investment Advisors LLC increased its stake in shares of Mercury General Corporation by 17.5% in the second quarter. LS Investment Advisors LLC now owns 2,922 shares of the insurance provider’s stock valued at $158,000 after buying an additional 435 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Mercury General Corporation by 7.6% in the first quarter. State of Alaska Department of Revenue now owns 3,120 shares of the insurance provider’s stock valued at $190,000 after buying an additional 220 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Mercury General Corporation by 21.8% in the first quarter. Pacer Advisors Inc. now owns 3,216 shares of the insurance provider’s stock valued at $196,000 after buying an additional 575 shares during the period. Hedge funds and other institutional investors own 46.42% of the company’s stock.

Shares of Mercury General Corporation (NYSE:MCY) traded up 0.31% during midday trading on Wednesday, reaching $58.87. 34,226 shares of the company’s stock traded hands. The firm has a market cap of $3.26 billion, a PE ratio of 41.17 and a beta of 0.50. The stock has a 50-day moving average price of $55.15 and a 200 day moving average price of $57.60. Mercury General Corporation has a 12 month low of $50.32 and a 12 month high of $64.52.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be issued a $0.6225 dividend. This represents a $2.49 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend is Wednesday, September 13th. Mercury General Corporation’s dividend payout ratio (DPR) is presently 172.92%.

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Several brokerages have issued reports on MCY. Zacks Investment Research upgraded shares of Mercury General Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, April 11th. BidaskClub upgraded shares of Mercury General Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd.

In other Mercury General Corporation news, CEO Gabriel Tirador sold 2,355 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $59.00, for a total value of $138,945.00. Following the sale, the chief executive officer now directly owns 36,239 shares in the company, valued at approximately $2,138,101. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Randall R. Petro sold 1,672 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $55.52, for a total transaction of $92,829.44. The disclosure for this sale can be found here. 34.30% of the stock is currently owned by company insiders.

Mercury General Corporation Company Profile

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.

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

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