Mercury General Corporation (MCY) to Issue Quarterly Dividend of $0.63 on December 28th
Mercury General Corporation (NYSE:MCY) declared a quarterly dividend on Monday, October 30th, RTT News reports. Shareholders of record on Thursday, December 14th will be given a dividend of 0.625 per share by the insurance provider on Thursday, December 28th. This represents a $2.50 annualized dividend and a yield of 4.69%. The ex-dividend date is Wednesday, December 13th. This is a boost from Mercury General’s previous quarterly dividend of $0.62.
Mercury General has increased its dividend payment by an average of 0.4% per year over the last three years and has increased its dividend annually for the last 31 consecutive years. Mercury General has a payout ratio of 133.0% 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 to earn $2.63 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 95.1%.
Shares of Mercury General (NYSE MCY) opened at $53.33 on Tuesday. The stock has a market cap of $2,964.69, a price-to-earnings ratio of 26.01, a PEG ratio of 1.08 and a beta of 0.51. Mercury General has a one year low of $52.52 and a one year high of $64.52. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.46 and a current ratio of 0.46.
Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.18. The firm had revenue of $827.42 million during the quarter, compared to the consensus estimate of $835.00 million. Mercury General had a return on equity of 6.47% and a net margin of 3.00%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. sell-side analysts predict that Mercury General will post 1.88 EPS for the current fiscal year.
Several analysts recently weighed in on MCY shares. Zacks Investment Research upgraded Mercury General from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. TheStreet downgraded shares of Mercury General from a “b” rating to a “c+” rating in a report on Monday, October 30th.
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Mercury General 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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