Zacks Investment Research lowered shares of Mercury General (NYSE:MCY) from a hold rating to a sell rating in a research report report published on Thursday.
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Separately, TheStreet downgraded shares of Mercury General from a b rating to a c+ rating in a report on Monday, October 30th.
Mercury General (NYSE:MCY) last posted its earnings results on Monday, February 5th. The insurance provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.18). Mercury General had a net margin of 4.24% and a return on equity of 5.14%. The company had revenue of $779.20 million during the quarter, compared to analyst estimates of $847.35 million. During the same quarter last year, the business posted $0.58 EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. equities analysts expect that Mercury General will post 2.72 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.625 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.50 annualized dividend and a yield of 5.47%. Mercury General’s dividend payout ratio (DPR) is presently 95.42%.
Institutional investors have recently bought and sold shares of the stock. Massey Quick Simon & CO. LLC acquired a new stake in Mercury General in the 3rd quarter valued at approximately $108,000. Pinebridge Investments L.P. acquired a new stake in Mercury General in the 4th quarter valued at approximately $152,000. Tower Research Capital LLC TRC increased its holdings in Mercury General by 76.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,313 shares of the insurance provider’s stock valued at $177,000 after purchasing an additional 1,439 shares during the last quarter. Stifel Financial Corp acquired a new stake in Mercury General in the 3rd quarter valued at approximately $206,000. Finally, Timber Hill LLC acquired a new stake in Mercury General in the 4th quarter valued at approximately $209,000. Hedge funds and other institutional investors own 46.00% of the company’s stock.
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About Mercury General
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
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