Bryce Point Capital LLC Purchases New Stake in Mercury General Corporation $MCY

Bryce Point Capital LLC acquired a new position in shares of Mercury General Corporation (NYSE:MCY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,640 shares of the insurance provider’s stock, valued at approximately $582,000.

A number of other large investors have also recently made changes to their positions in MCY. Dimensional Fund Advisors LP raised its holdings in shares of Mercury General by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,105,976 shares of the insurance provider’s stock worth $117,723,000 after acquiring an additional 49,155 shares during the last quarter. Westwood Holdings Group Inc. purchased a new stake in shares of Mercury General in the first quarter worth approximately $27,485,000. American Century Companies Inc. lifted its holdings in shares of Mercury General by 32.9% in the first quarter. American Century Companies Inc. now owns 405,464 shares of the insurance provider’s stock valued at $22,665,000 after purchasing an additional 100,472 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Mercury General by 57.0% during the first quarter. AQR Capital Management LLC now owns 340,029 shares of the insurance provider’s stock valued at $19,008,000 after buying an additional 123,440 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Mercury General during the first quarter valued at approximately $12,515,000. 42.39% of the stock is owned by institutional investors.

Mercury General Price Performance

MCY opened at $79.89 on Wednesday. Mercury General Corporation has a fifty-two week low of $44.19 and a fifty-two week high of $87.67. The firm has a 50-day moving average of $79.92 and a 200 day moving average of $70.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market cap of $4.43 billion, a P/E ratio of 11.35 and a beta of 0.98.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MCY shares. Raymond James Financial restated a “strong-buy” rating and set a $100.00 price objective (up from $90.00) on shares of Mercury General in a research note on Monday, September 22nd. Zacks Research downgraded shares of Mercury General from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. Wall Street Zen upgraded shares of Mercury General from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercury General in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Mercury General currently has an average rating of “Buy” and an average target price of $100.00.

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.