Mercury General (NYSE:MCY) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Mercury General (NYSE:MCY) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

MCY has been the topic of a number of other reports. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of $100.00.

Mercury General Stock Down 1.7%

MCY opened at $104.55 on Tuesday. Mercury General has a fifty-two week low of $73.73 and a fifty-two week high of $113.06. The firm has a market capitalization of $5.79 billion, a P/E ratio of 6.18 and a beta of 0.90. The company’s 50-day moving average is $106.38 and its 200 day moving average is $98.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.47 and a quick ratio of 0.47.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.99. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.52 billion. Research analysts expect that Mercury General will post 12.75 earnings per share for the current fiscal year.

Mercury General Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General’s dividend payout ratio is currently 7.51%.

Institutional Investors Weigh In On Mercury General

A number of hedge funds have recently modified their holdings of MCY. Royal Bank of Canada increased its position in Mercury General by 58.8% in the first quarter. Royal Bank of Canada now owns 54,312 shares of the insurance provider’s stock worth $3,036,000 after buying an additional 20,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Mercury General by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,935 shares of the insurance provider’s stock valued at $891,000 after buying an additional 702 shares during the last quarter. Millennium Management LLC grew its stake in shares of Mercury General by 8.5% during the 1st quarter. Millennium Management LLC now owns 111,327 shares of the insurance provider’s stock worth $6,223,000 after acquiring an additional 8,742 shares during the period. Empowered Funds LLC grew its stake in shares of Mercury General by 1.7% during the 1st quarter. Empowered Funds LLC now owns 10,923 shares of the insurance provider’s stock worth $611,000 after acquiring an additional 185 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Mercury General by 194.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the insurance provider’s stock worth $81,000 after acquiring an additional 798 shares during the last quarter. Institutional investors own 42.39% of the company’s stock.

Mercury General Company Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.