Mercury General (NYSE:MCY) Lowered to “Buy” Rating by StockNews.com

Mercury General (NYSE:MCY) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.

Mercury General Stock Performance

MCY traded up $0.47 on Thursday, reaching $78.85. The company had a trading volume of 171,981 shares, compared to its average volume of 236,912. Mercury General has a fifty-two week low of $36.37 and a fifty-two week high of $79.76. The stock has a market cap of $4.37 billion, a P/E ratio of 7.81 and a beta of 0.81. The company’s fifty day moving average is $68.41 and its 200 day moving average is $61.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33.

Mercury General (NYSE:MCY) last announced its quarterly earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the business earned $1.14 EPS. As a group, analysts predict that Mercury General will post 6.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MCY. CWM LLC grew its position in shares of Mercury General by 962.3% during the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 510 shares in the last quarter. National Bank of Canada FI acquired a new position in shares of Mercury General during the 2nd quarter worth approximately $32,000. Allworth Financial LP grew its position in shares of Mercury General by 1,190.5% during the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. Blue Trust Inc. grew its position in shares of Mercury General by 8,262.5% during the 2nd quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 661 shares in the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in shares of Mercury General during the 2nd quarter worth approximately $64,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

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, 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.