Assenagon Asset Management S.A. Lowers Stock Holdings in Mercury General Corporation $MCY

Assenagon Asset Management S.A. decreased its position in Mercury General Corporation (NYSE:MCY) by 79.6% during the second quarter, HoldingsChannel.com reports. The fund owned 16,301 shares of the insurance provider’s stock after selling 63,776 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Mercury General were worth $1,738,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Park West Asset Management LLC bought a new position in Mercury General in the 3rd quarter worth about $23,953,000. Rubric Capital Management LP grew its position in Mercury General by 12.8% during the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider’s stock worth $138,350,000 after purchasing an additional 232,721 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Mercury General by 2,513.7% in the second quarter. Sei Investments Co. now owns 157,893 shares of the insurance provider’s stock valued at $10,633,000 after purchasing an additional 151,852 shares during the period. Philosophy Capital Management LLC acquired a new stake in shares of Mercury General in the third quarter worth $11,778,000. Finally, Two Sigma Investments LP raised its position in Mercury General by 45.1% during the third quarter. Two Sigma Investments LP now owns 229,994 shares of the insurance provider’s stock valued at $19,499,000 after acquiring an additional 71,454 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Mercury General Stock Up 0.4%

Shares of NYSE:MCY opened at $105.35 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. Mercury General Corporation has a 52-week low of $73.05 and a 52-week high of $113.06. The company has a 50 day moving average of $106.12 and a two-hundred day moving average of $97.61. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 6.23 and a beta of 0.90.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 EPS for the quarter, beating the consensus estimate of $2.53 by $0.99. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.52 billion. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. As a group, analysts forecast that Mercury General Corporation will post 11.88 earnings per share for the current fiscal year.

Mercury General Announces Dividend

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

Analyst Ratings Changes

MCY has been the subject of a number of research analyst reports. Zacks Research cut Mercury General from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Wall Street Zen upgraded Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $100.00.

About Mercury General

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.