Mercury General (NYSE:MCY) Reaches New 12-Month High – Here’s Why

Mercury General Co. (NYSE:MCY) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $67.18 and last traded at $66.97, with a volume of 40417 shares changing hands. The stock had previously closed at $65.79.

Mercury General Price Performance

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $62.52 and its 200-day moving average is $57.55. The stock has a market cap of $3.77 billion, a PE ratio of 17.50 and a beta of 0.81.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.29. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.33 billion. Mercury General had a net margin of 6.36% and a return on equity of 14.91%. During the same quarter last year, the company earned ($0.47) earnings per share. As a group, sell-side analysts predict that Mercury General Co. will post 4 earnings per share for the current year.

Mercury General Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were issued a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Thursday, September 12th. Mercury General’s dividend payout ratio (DPR) is 32.65%.

Hedge Funds Weigh In On Mercury General

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System raised its holdings in shares of Mercury General by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after acquiring an additional 200 shares during the period. Covestor Ltd increased its position in Mercury General by 20.8% during the first quarter. Covestor Ltd now owns 1,571 shares of the insurance provider’s stock worth $81,000 after acquiring an additional 271 shares during the period. Texas Permanent School Fund Corp boosted its holdings in Mercury General by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 23,261 shares of the insurance provider’s stock valued at $1,200,000 after purchasing an additional 311 shares during the period. Illinois Municipal Retirement Fund raised its position in shares of Mercury General by 2.1% during the first quarter. Illinois Municipal Retirement Fund now owns 15,179 shares of the insurance provider’s stock valued at $783,000 after buying an additional 315 shares during the last quarter. Finally, Diversified Trust Co lifted its position in shares of Mercury General by 4.2% in the 2nd quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 326 shares during the period. 42.39% of the stock is owned by institutional investors.

About Mercury General

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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.