Ameriprise Financial Inc. boosted its stake in Mercury General Co. (NYSE:MCY) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,898 shares of the insurance provider’s stock after buying an additional 1,052 shares during the period. Ameriprise Financial Inc. owned 0.19% of Mercury General worth $6,002,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp increased its position in Mercury General by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 467,774 shares of the insurance provider’s stock worth $26,518,000 after buying an additional 3,276 shares during the period. Massey Quick Simon & CO. LLC acquired a new stake in Mercury General in the third quarter worth $108,000. Candriam Luxembourg S.C.A. acquired a new stake in Mercury General in the third quarter worth $454,000. Principal Financial Group Inc. increased its position in Mercury General by 0.9% in the third quarter. Principal Financial Group Inc. now owns 150,511 shares of the insurance provider’s stock worth $8,532,000 after buying an additional 1,289 shares during the period. Finally, Brookstone Capital Management increased its position in Mercury General by 18.4% in the third quarter. Brookstone Capital Management now owns 5,817 shares of the insurance provider’s stock worth $330,000 after buying an additional 904 shares during the period. 46.04% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on MCY. TheStreet lowered Mercury General from a “b” rating to a “c+” rating in a research report on Monday, October 30th. Zacks Investment Research lowered Mercury General from a “buy” rating to a “sell” rating in a research report on Wednesday, October 4th.
Mercury General (NYSE:MCY) last issued its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates 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 had a return on equity of 6.47% and a net margin of 3.00%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share. sell-side analysts predict that Mercury General Co. will post 1.88 EPS for the current fiscal year.
The firm 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 dividend on an annualized basis and a dividend yield of 4.71%. This is a positive change from Mercury General’s previous quarterly dividend of $0.62. The ex-dividend date is Wednesday, December 13th. Mercury General’s dividend payout ratio (DPR) is 139.67%.
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Mercury General 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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