Mercury General (NYSE:MCY) Trading Down 3.6% – Here’s What Happened

Mercury General Co. (NYSE:MCY) shares were down 3.6% during mid-day trading on Thursday . The stock traded as low as $51.00 and last traded at $51.00. Approximately 36,124 shares traded hands during trading, a decline of 97% from the average daily volume of 1,084,673 shares. The stock had previously closed at $52.90.

Analyst Ratings Changes

Separately, StockNews.com downgraded Mercury General from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 26th.

Mercury General Stock Down 1.5 %

The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 5.17 and a beta of 0.87. The firm has a 50-day moving average of $70.03 and a two-hundred day moving average of $64.45.

Mercury General (NYSE:MCY) last posted its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share 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 business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm earned $1.14 EPS. As a group, sell-side analysts predict that Mercury General Co. will post 5.05 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 26th. Investors of record on Thursday, December 12th were given a dividend of $0.317 per share. The ex-dividend date was Thursday, December 12th. This represents a $1.27 annualized dividend and a dividend yield of 2.43%. Mercury General’s dividend payout ratio is presently 12.59%.

Insider Buying and Selling

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total value of $83,153.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 35.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Mercury General

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

Mercury General Company Profile

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.