Acadian Asset Management LLC Acquires Shares of 4,479 Mercury General Co. (MCY)
Acadian Asset Management LLC acquired a new position in Mercury General Co. (NYSE:MCY) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 4,479 shares of the insurance provider’s stock, valued at approximately $225,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MERIAN GLOBAL INVESTORS UK Ltd grew its stake in shares of Mercury General by 212.5% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 244,861 shares of the insurance provider’s stock valued at $12,282,000 after buying an additional 166,502 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Mercury General by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock valued at $24,469,000 after buying an additional 24,606 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Mercury General by 9.7% during the second quarter. Advisors Asset Management Inc. now owns 12,320 shares of the insurance provider’s stock valued at $561,000 after buying an additional 1,094 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of Mercury General during the second quarter valued at approximately $5,172,000. Finally, Gifford Fong Associates bought a new position in shares of Mercury General during the second quarter valued at approximately $137,000. 45.77% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the company. Zacks Investment Research raised Mercury General from a “hold” rating to a “strong-buy” rating and set a $70.00 target price on the stock in a research note on Thursday, November 1st. Keefe, Bruyette & Woods set a $69.00 target price on Mercury General and gave the company a “buy” rating in a research note on Monday, October 29th. TheStreet raised Mercury General from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. Finally, ValuEngine raised Mercury General from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st.
Mercury General (NYSE:MCY) last announced its quarterly earnings data on Monday, October 29th. The insurance provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.38. Mercury General had a return on equity of 7.13% and a net margin of 2.80%. The company had revenue of $905.34 million for the quarter, compared to analysts’ expectations of $877.06 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Mercury General’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts predict that Mercury General Co. will post 2.8 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 27th. Investors of record on Thursday, December 13th will be paid a $0.6275 dividend. The ex-dividend date is Wednesday, December 12th. This represents a $2.51 annualized dividend and a yield of 4.46%. This is a boost from Mercury General’s previous quarterly dividend of $0.63. Mercury General’s dividend payout ratio is 152.44%.
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Mercury General Company Profile
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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
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