Mercury General Corporation (MCY) Downgraded by TheStreet

TheStreet cut shares of Mercury General Corporation (NYSE:MCY) from a b rating to a c+ rating in a research note released on Monday morning.

Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Mercury General Corporation from a buy rating to a sell rating in a research report on Wednesday, October 4th. BidaskClub upgraded shares of Mercury General Corporation from a sell rating to a hold rating in a research report on Wednesday, August 2nd.

Mercury General Corporation (NYSE:MCY) last issued its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.18. The business had revenue of $827.42 million for the quarter, compared to analysts’ expectations of $835.00 million. Mercury General Corporation had a net margin of 3.00% and a return on equity of 6.49%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.67 EPS.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders 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 dividend yield of 4.47%. This is an increase from Mercury General Corporation’s previous quarterly dividend of $0.62. The ex-dividend date is Wednesday, December 13th. Mercury General Corporation’s dividend payout ratio (DPR) is presently 139.11%.

In other 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 directly owns 36,239 shares in the company, valued at approximately $2,138,101. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 34.30% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. LS Investment Advisors LLC raised its position in shares of Mercury General Corporation by 17.5% during the 2nd quarter. LS Investment Advisors LLC now owns 2,922 shares of the insurance provider’s stock valued at $158,000 after purchasing an additional 435 shares during the period. Old Mutual Global Investors UK Ltd. bought a new stake in shares of Mercury General Corporation during the 2nd quarter valued at $166,000. Pacer Advisors Inc. raised its position in shares of Mercury General Corporation by 2.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock valued at $179,000 after purchasing an additional 92 shares during the period. Flinton Capital Management LLC raised its position in shares of Mercury General Corporation by 55.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,604 shares of the insurance provider’s stock valued at $195,000 after purchasing an additional 1,292 shares during the period. Finally, Riverhead Capital Management LLC raised its position in shares of Mercury General Corporation by 57.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 1,330 shares during the period. Hedge funds and other institutional investors own 46.94% of the company’s stock.

About Mercury General Corporation

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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