California Public Employees Retirement System Has $2.13 Million Position in Mercury General Corporation (MCY)

California Public Employees Retirement System decreased its position in shares of Mercury General Corporation (NYSE:MCY) by 3.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,458 shares of the insurance provider’s stock after selling 1,600 shares during the quarter. California Public Employees Retirement System owned approximately 0.07% of Mercury General Corporation worth $2,131,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Mercury General Corporation by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,484,739 shares of the insurance provider’s stock valued at $134,175,000 after buying an additional 18,986 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Mercury General Corporation by 2.2% during the 2nd quarter. Northern Trust Corp now owns 409,801 shares of the insurance provider’s stock valued at $22,129,000 after buying an additional 8,658 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of Mercury General Corporation by 7.6% during the 2nd quarter. D.A. Davidson & CO. now owns 19,565 shares of the insurance provider’s stock valued at $1,056,000 after buying an additional 1,381 shares in the last quarter. Thrivent Financial For Lutherans lifted its stake in shares of Mercury General Corporation by 7.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 7,360 shares of the insurance provider’s stock valued at $397,000 after buying an additional 500 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Mercury General Corporation by 4.2% during the 2nd quarter. ProShare Advisors LLC now owns 161,345 shares of the insurance provider’s stock valued at $8,713,000 after buying an additional 6,446 shares in the last quarter. Institutional investors own 46.94% of the company’s stock.

Mercury General Corporation (NYSE:MCY) last released its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.18. The company had revenue of $827.42 million for the quarter, compared to analyst estimates of $835.00 million. Mercury General Corporation had a net margin of 3.00% and a return on equity of 6.47%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business earned $0.67 earnings per share.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.47%. The ex-dividend date is Wednesday, December 13th. This is a positive change from Mercury General Corporation’s previous quarterly dividend of $0.62. Mercury General Corporation’s dividend payout ratio (DPR) is currently 139.11%.

A number of research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 target price on the stock in a research note on Wednesday, August 2nd. BidaskClub cut shares of Mercury General Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, TheStreet cut shares of Mercury General Corporation from a “b” rating to a “c+” rating in a research note on Monday.

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In related news, CEO Gabriel Tirador sold 2,355 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the sale, the chief executive officer now owns 36,239 shares in the company, valued at $2,138,101. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 34.30% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Mercury General Corporation (NYSE:MCY)

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