Wells Fargo & Company MN raised its holdings in shares of Mercury General Co. (NYSE:MCY) by 5.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 271,130 shares of the insurance provider’s stock after purchasing an additional 13,936 shares during the period. Wells Fargo & Company MN owned approximately 0.49% of Mercury General worth $15,371,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of MCY. State Street Corp boosted its stake in Mercury General by 17.2% during the 2nd quarter. State Street Corp now owns 2,877,538 shares of the insurance provider’s stock valued at $155,388,000 after purchasing an additional 423,115 shares during the last quarter. Citadel Advisors LLC boosted its stake in Mercury General by 564.8% during the 2nd quarter. Citadel Advisors LLC now owns 158,214 shares of the insurance provider’s stock valued at $8,544,000 after purchasing an additional 134,414 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Mercury General by 9.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 598,608 shares of the insurance provider’s stock valued at $32,324,000 after purchasing an additional 49,817 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Mercury General by 2.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,272,652 shares of the insurance provider’s stock valued at $68,725,000 after purchasing an additional 35,166 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Mercury General by 12.8% during the 2nd quarter. Renaissance Technologies LLC now owns 297,000 shares of the insurance provider’s stock valued at $16,038,000 after purchasing an additional 33,600 shares during the last quarter. Institutional investors and hedge funds own 46.04% of the company’s stock.
Several equities analysts have recently weighed in on the company. TheStreet cut Mercury General from a “b” rating to a “c+” rating in a report on Monday, October 30th. Zacks Investment Research cut Mercury General from a “buy” rating to a “sell” rating in a report on Wednesday, October 4th.
Mercury General (NYSE:MCY) last released its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.18. The firm had revenue of $827.42 million for the quarter, compared to analysts’ expectations of $835.00 million. Mercury General had a return on equity of 6.47% and a net margin of 3.00%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. sell-side analysts predict that Mercury General Co. will post 1.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 4.75%. This is a boost from Mercury General’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Wednesday, December 13th. Mercury General’s dividend payout ratio is presently 139.67%.
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Mercury General 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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