California State Teachers Retirement System lowered its holdings in Mercury General Co. (NYSE:MCY) by 9.3% in the third quarter, HoldingsChannel reports. The firm owned 45,609 shares of the insurance provider’s stock after selling 4,672 shares during the quarter. California State Teachers Retirement System’s holdings in Mercury General were worth $2,586,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers bought a new position in Mercury General in the second quarter valued at $263,000. Nomura Holdings Inc. bought a new position in Mercury General in the second quarter valued at $277,000. Goldman Sachs Group Inc. grew its position in Mercury General by 9.1% in the second 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 in the last quarter. Vanguard Group Inc. grew its position in Mercury General by 0.8% in the second quarter. Vanguard Group Inc. now owns 2,484,739 shares of the insurance provider’s stock valued at $134,175,000 after purchasing an additional 18,986 shares in the last quarter. Finally, Northern Trust Corp grew its position in Mercury General by 2.2% in the second quarter. Northern Trust Corp now owns 409,801 shares of the insurance provider’s stock valued at $22,129,000 after purchasing an additional 8,658 shares in the last quarter. 46.04% of the stock is owned by institutional investors and hedge funds.
MCY has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Mercury General from a “buy” rating to a “sell” rating in a research report on Wednesday, October 4th. TheStreet downgraded shares of Mercury General from a “b” rating to a “c+” rating in a research report on Monday, October 30th.
Mercury General (NYSE:MCY) last announced its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.18. Mercury General had a net margin of 3.00% and a return on equity of 6.47%. The company had revenue of $827.42 million during the quarter, compared to the consensus estimate of $835.00 million. During the same quarter last year, the firm posted $0.67 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. sell-side analysts expect that Mercury General Co. will post 1.88 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th were given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date was Wednesday, December 13th. This is an increase from Mercury General’s previous quarterly dividend of $0.62. Mercury General’s dividend payout ratio (DPR) is 139.66%.
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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