Zacks: Mercury General Corp. (NYSE:MCY) Receives Average Recommendation of “Hold” from Analysts
Mercury General Corp. (NYSE:MCY) has been given a consensus broker rating score of 3.33 (Hold) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a sell rating and two have given a hold rating to the company.
Brokers have set a one year consensus price objective of $46.50 for the company and are forecasting that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also assigned Mercury General Corp. an industry rank of 188 out of 265 based on the ratings given to related companies.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded Mercury General Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, July 6th. Compass Point lowered their target price on Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 2nd.
Several hedge funds have recently bought and sold shares of the stock. Mason Street Advisors LLC acquired a new stake in Mercury General Corp. during the second quarter worth $884,000. Public Employees Retirement System of Ohio increased its stake in Mercury General Corp. by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 8,232 shares of the company’s stock worth $438,000 after buying an additional 28 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Mercury General Corp. by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 172,966 shares of the company’s stock worth $9,195,000 after buying an additional 11,356 shares during the period. Stifel Financial Corp increased its stake in Mercury General Corp. by 12.2% in the second quarter. Stifel Financial Corp now owns 10,340 shares of the company’s stock worth $550,000 after buying an additional 1,122 shares during the period. Finally, Amalgamated Bank acquired a new stake in Mercury General Corp. during the second quarter worth $204,000. Hedge funds and other institutional investors own 43.55% of the company’s stock.
Mercury General Corp. (NYSE:MCY) traded up 1.28% on Wednesday, reaching $54.75. The company had a trading volume of 35,526 shares. The company has a market capitalization of $3.03 billion, a PE ratio of 27.25 and a beta of 0.51. Mercury General Corp. has a 52-week low of $42.97 and a 52-week high of $56.14. The company’s 50-day moving average is $53.45 and its 200-day moving average is $53.35.
Mercury General Corp. (NYSE:MCY) last released its quarterly earnings results on Monday, August 1st. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by $0.24. The firm had revenue of $858 million for the quarter, compared to analysts’ expectations of $811.11 million. Mercury General Corp. had a return on equity of 4.81% and a net margin of 3.44%. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. Equities analysts anticipate that Mercury General Corp. will post $1.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.59%. Mercury General Corp.’s dividend payout ratio (DPR) is presently 124.00%.
Mercury General Corp. Company Profile
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.
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