Mercury General Corporation (MCY) Shares Bought by Cambridge Investment Research Advisors Inc.
Cambridge Investment Research Advisors Inc. boosted its position in shares of Mercury General Corporation (NYSE:MCY) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,632 shares of the insurance provider’s stock after acquiring an additional 236 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Mercury General Corporation were worth $250,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Brookstone Capital Management acquired a new position in Mercury General Corporation during the 2nd quarter worth $265,000. Pacer Advisors Inc. lifted its position in Mercury General Corporation by 2.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock worth $179,000 after acquiring an additional 92 shares during the last quarter. Prudential Financial Inc. lifted its position in Mercury General Corporation by 10.5% during the 2nd quarter. Prudential Financial Inc. now owns 34,635 shares of the insurance provider’s stock worth $1,870,000 after acquiring an additional 3,280 shares during the last quarter. Blair William & Co. IL lifted its position in Mercury General Corporation by 121.4% during the 2nd quarter. Blair William & Co. IL now owns 13,870 shares of the insurance provider’s stock worth $749,000 after acquiring an additional 7,605 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its position in Mercury General Corporation by 60.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,471 shares of the insurance provider’s stock worth $835,000 after acquiring an additional 5,830 shares during the last quarter. 46.98% of the stock is owned by hedge funds and other institutional investors.
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In related news, CEO Gabriel Tirador sold 2,355 shares of Mercury General Corporation stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the completion of the sale, the chief executive officer now owns 36,239 shares of the company’s stock, valued at approximately $2,138,101. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 34.30% of the company’s stock.
Mercury General Corporation (MCY) opened at 56.72 on Wednesday. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 39.66 and a beta of 0.50. The stock’s 50 day moving average is $57.82 and its 200-day moving average is $57.07. Mercury General Corporation has a 12 month low of $50.32 and a 12 month high of $64.52.
Mercury General Corporation (NYSE:MCY) last announced its earnings results on Monday, July 31st. The insurance provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.50 by $0.18. The business had revenue of $852.80 million during the quarter, compared to the consensus estimate of $815.85 million. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. Mercury General Corporation’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. On average, analysts anticipate that Mercury General Corporation will post $1.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be issued a dividend of $0.6225 per share. This represents a $2.49 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Wednesday, September 13th. Mercury General Corporation’s payout ratio is 172.92%.
A number of research analysts have weighed in on MCY shares. BidaskClub lowered shares of Mercury General Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 target price for the company in a research report on Wednesday, August 2nd.
Mercury General Corporation Company Profile
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
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