Guggenheim Capital LLC lifted its position in shares of Mercury General Co. (NYSE:MCY) by 187.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,137 shares of the insurance provider’s stock after acquiring an additional 16,387 shares during the period. Guggenheim Capital LLC’s holdings in Mercury General were worth $1,313,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of MCY. Carroll Financial Associates Inc. bought a new position in Mercury General during the 4th quarter worth $26,000. Montag A & Associates Inc. bought a new position in shares of Mercury General in the fourth quarter worth $31,000. Signaturefd LLC grew its stake in shares of Mercury General by 71.5% in the fourth quarter. Signaturefd LLC now owns 614 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 256 shares in the last quarter. Sowell Financial Services LLC grew its stake in shares of Mercury General by 253.0% in the fourth quarter. Sowell Financial Services LLC now owns 706 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 506 shares in the last quarter. Finally, Syverson Strege & Co bought a new position in shares of Mercury General in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 38.62% of the company’s stock.
In related news, Chairman George Joseph sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $65.82, for a total transaction of $724,020.00. Following the completion of the transaction, the chairman now owns 19,601,934 shares of the company’s stock, valued at $1,290,199,295.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 34.30% of the company’s stock.
Several research analysts have recently issued reports on the company. Zacks Investment Research raised Mercury General from a “sell” rating to a “hold” rating in a research note on Wednesday, February 10th. Raymond James reissued a “sell” rating on shares of Mercury General in a research note on Monday, February 22nd.
Shares of MCY stock opened at $62.93 on Thursday. The stock has a 50-day simple moving average of $60.77 and a 200 day simple moving average of $50.64. Mercury General Co. has a fifty-two week low of $34.12 and a fifty-two week high of $65.98. The stock has a market capitalization of $3.48 billion, a P/E ratio of 14.53 and a beta of 0.38. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.20.
Mercury General (NYSE:MCY) last announced its earnings results on Monday, February 15th. The insurance provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.69. Mercury General had a return on equity of 13.57% and a net margin of 6.47%. The business had revenue of $957.40 million during the quarter, compared to analysts’ expectations of $932.27 million. On average, sell-side analysts anticipate that Mercury General Co. will post 4.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 31st. Investors of record on Wednesday, March 17th were paid a dividend of $0.632 per share. The ex-dividend date was Tuesday, March 16th. This represents a $2.53 annualized dividend and a yield of 4.02%. Mercury General’s dividend payout ratio is currently 97.31%.
About Mercury General
Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. It also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance. The company's 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, fire, and other hazards.
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