Mercury General (NYSE:MCY) Sets New 12-Month High After Better-Than-Expected Earnings

Mercury General Co. (NYSE:MCY) hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $59.96 and last traded at $59.83, with a volume of 27422 shares changing hands. The stock had previously closed at $58.50.

The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.29. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.33 billion. Mercury General had a net margin of 6.36% and a return on equity of 15.45%. During the same period in the prior year, the firm earned ($0.47) EPS.

Mercury General Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, September 12th. Mercury General’s dividend payout ratio is presently 32.65%.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Mercury General from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 4th.

Hedge Funds Weigh In On Mercury General

A number of hedge funds have recently bought and sold shares of MCY. Global Retirement Partners LLC boosted its stake in Mercury General by 5,212.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,700 shares of the insurance provider’s stock worth $67,000 after purchasing an additional 1,668 shares in the last quarter. GAM Holding AG bought a new position in Mercury General during the 4th quarter valued at about $373,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Mercury General by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,545 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 1,077 shares during the period. Louisiana State Employees Retirement System bought a new position in Mercury General during the 4th quarter valued at about $496,000. Finally, Mackenzie Financial Corp bought a new position in Mercury General during the 4th quarter valued at about $210,000. Institutional investors own 42.39% of the company’s stock.

Mercury General Stock Up 0.8 %

The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a market cap of $3.34 billion, a P/E ratio of 15.51 and a beta of 0.81. The company’s 50 day simple moving average is $54.57 and its 200-day simple moving average is $50.97.

About Mercury General

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.