Highland Capital Management LLC Purchases New Shares in Mercury General Co. (NYSE:MCY)

Highland Capital Management LLC purchased a new position in shares of Mercury General Co. (NYSE:MCY) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,633 shares of the insurance provider’s stock, valued at approximately $242,000.

A number of other institutional investors have also recently added to or reduced their stakes in MCY. Allworth Financial LP increased its position in shares of Mercury General by 1,190.5% during the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 500 shares during the last quarter. Quarry LP increased its holdings in Mercury General by 112.0% during the 2nd quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 642 shares during the last quarter. Blue Trust Inc. raised its position in shares of Mercury General by 72.0% in the 3rd quarter. Blue Trust Inc. now owns 1,151 shares of the insurance provider’s stock valued at $72,000 after purchasing an additional 482 shares in the last quarter. CWM LLC boosted its stake in shares of Mercury General by 115.8% during the 3rd quarter. CWM LLC now owns 1,215 shares of the insurance provider’s stock valued at $77,000 after buying an additional 652 shares during the last quarter. Finally, Quest Partners LLC grew its position in shares of Mercury General by 12,340.0% during the third quarter. Quest Partners LLC now owns 1,244 shares of the insurance provider’s stock worth $78,000 after buying an additional 1,234 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Insider Activity

In related news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 35.50% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Mercury General from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 26th.

Mercury General Stock Performance

Shares of MCY stock opened at $49.98 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 4.95 and a beta of 0.87. Mercury General Co. has a one year low of $37.89 and a one year high of $80.72. The company’s 50-day simple moving average is $64.17 and its 200-day simple moving average is $64.10.

Mercury General (NYSE:MCY) last issued its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company earned $1.14 earnings per share. Equities analysts anticipate that Mercury General Co. will post 5.05 earnings per share for the current fiscal year.

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.