Mercury General Corporation (MCY) To Go Ex-Dividend on September 13th
Mercury General Corporation (NYSE:MCY) announced a quarterly dividend on Tuesday, August 1st, Wall Street Journal reports. Investors of record on Thursday, September 14th will be given a dividend of 0.6225 per share by the insurance provider on Thursday, September 28th. This represents a $2.49 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend is Wednesday, September 13th.
Mercury General Corporation has raised its dividend payment by an average of 0.4% annually over the last three years and has raised its dividend every year for the last 31 years. Mercury General Corporation has a dividend payout ratio of 125.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Mercury General Corporation to earn $2.63 per share next year, which means the company should continue to be able to cover its $2.49 annual dividend with an expected future payout ratio of 94.7%.
Shares of Mercury General Corporation (NYSE:MCY) opened at 57.96 on Tuesday. Mercury General Corporation has a 52-week low of $50.32 and a 52-week high of $64.52. The company has a 50 day moving average price of $57.66 and a 200-day moving average price of $57.15. The firm has a market cap of $3.21 billion, a P/E ratio of 40.53 and a beta of 0.50.
Mercury General Corporation (NYSE:MCY) last announced its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.18. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The business had revenue of $852.80 million for the quarter, compared to analysts’ expectations of $815.85 million. During the same quarter last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts expect that Mercury General Corporation will post $2.03 earnings per share for the current fiscal year.
In other Mercury General Corporation news, CEO Gabriel Tirador sold 2,355 shares of Mercury General Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the transaction, the chief executive officer now owns 36,239 shares of the company’s stock, valued at approximately $2,138,101. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Randall R. Petro sold 1,672 shares of Mercury General Corporation 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 owned by company insiders.
MCY has been the topic of several recent research reports. BidaskClub cut shares of Mercury General Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target on the stock in a research report on Wednesday, August 2nd.
About Mercury General Corporation
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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