Point72 Asia Singapore Pte. Ltd. Buys 1,181 Shares of Mercury General Co. (NYSE:MCY)

Point72 Asia Singapore Pte. Ltd. raised its position in Mercury General Co. (NYSE:MCY) by 113.3% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,223 shares of the insurance provider’s stock after buying an additional 1,181 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Mercury General were worth $140,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCY. Victory Capital Management Inc. boosted its holdings in Mercury General by 132.3% in the third quarter. Victory Capital Management Inc. now owns 27,917 shares of the insurance provider’s stock valued at $1,758,000 after acquiring an additional 15,898 shares during the last quarter. American Century Companies Inc. lifted its position in Mercury General by 20.5% during the 2nd quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider’s stock valued at $2,800,000 after purchasing an additional 8,976 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Mercury General by 1,753.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,168 shares of the insurance provider’s stock valued at $137,000 after purchasing an additional 2,051 shares during the last quarter. TD Asset Management Inc acquired a new stake in shares of Mercury General during the 2nd quarter worth approximately $515,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Mercury General by 29.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 37,389 shares of the insurance provider’s stock worth $2,355,000 after buying an additional 8,578 shares during the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Up 0.2 %

NYSE:MCY opened at $77.60 on Friday. The stock’s fifty day simple moving average is $69.99 and its 200-day simple moving average is $61.95. The firm has a market capitalization of $4.30 billion, a P/E ratio of 7.69 and a beta of 0.84. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. Mercury General Co. has a 12-month low of $36.96 and a 12-month high of $80.72.

Mercury General (NYSE:MCY) last posted its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $1.39. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the company earned $1.14 EPS. Equities research analysts expect that Mercury General Co. will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a $0.317 dividend. The ex-dividend date is Thursday, December 12th. This represents a $1.27 annualized dividend and a yield of 1.63%. Mercury General’s dividend payout ratio (DPR) is presently 12.59%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 28th.

Insider Transactions at Mercury General

In other news, VP Heidi C. Sullivan sold 1,076 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 35.50% of the company’s stock.

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.