Mercury General Corporation $MCY Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC grew its position in shares of Mercury General Corporation (NYSE:MCY) by 44.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,561 shares of the insurance provider’s stock after buying an additional 8,211 shares during the period. Hsbc Holdings PLC’s holdings in Mercury General were worth $2,360,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Inspire Investing LLC lifted its stake in Mercury General by 30.5% during the first quarter. Inspire Investing LLC now owns 24,074 shares of the insurance provider’s stock worth $2,122,000 after purchasing an additional 5,622 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Mercury General by 7.4% during the first quarter. Janney Montgomery Scott LLC now owns 15,509 shares of the insurance provider’s stock worth $1,367,000 after purchasing an additional 1,066 shares during the period. Pictet Asset Management Holding SA lifted its position in shares of Mercury General by 14.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,361 shares of the insurance provider’s stock worth $384,000 after buying an additional 545 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Mercury General in the 1st quarter valued at about $1,040,000. Finally, Ritholtz Wealth Management grew its position in shares of Mercury General by 58.6% during the 1st quarter. Ritholtz Wealth Management now owns 40,483 shares of the insurance provider’s stock valued at $3,569,000 after buying an additional 14,960 shares during the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Analyst Ratings Changes

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

Mercury General Stock Performance

MCY opened at $106.97 on Friday. The business’s 50 day moving average is $103.94 and its 200-day moving average is $95.76. The stock has a market cap of $5.92 billion, a PE ratio of 7.05 and a beta of 0.89. 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 Corporation has a twelve month low of $66.57 and a twelve month high of $113.06.

Mercury General (NYSE:MCY) last issued its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $1.35. Mercury General had a return on equity of 32.94% and a net margin of 13.68%.The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.46 billion. On average, analysts predict that Mercury General Corporation will post 11.5 earnings per share for the current year.

Mercury General Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Thursday, June 11th. Mercury General’s payout ratio is 8.37%.

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.