Mercury General (NYSE:MCY) Sets New 12-Month High – What’s Next?

Mercury General Corporation (NYSE:MCY) shares reached a new 52-week high on Monday . The company traded as high as $104.32 and last traded at $104.3270, with a volume of 20549 shares trading hands. The stock had previously closed at $102.67.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MCY shares. Wall Street Zen downgraded shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a research note on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $100.00.

Mercury General Trading Up 3.5%

The firm has a fifty day moving average of $98.99 and a two-hundred day moving average of $93.38. The company has a market cap of $5.91 billion, a PE ratio of 7.04 and a beta of 0.91. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.22.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 EPS for the quarter, beating the consensus estimate of $2.15 by $1.35. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.46 billion. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. As a group, sell-side analysts predict that Mercury General Corporation will post 11.38 EPS for the current year.

Mercury General Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be paid 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 is Thursday, June 11th. Mercury General’s dividend payout ratio is presently 8.37%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Financial Management Professionals Inc. purchased a new stake in shares of Mercury General during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Mercury General in the third quarter valued at $34,000. Hilton Head Capital Partners LLC bought a new stake in shares of Mercury General during the 4th quarter valued at $38,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Mercury General during the 4th quarter valued at $40,000. Finally, Caitlin John LLC purchased a new stake in Mercury General during the 3rd quarter worth about $41,000. 42.39% of the stock is currently owned by hedge funds and other institutional investors.

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.