Mercury General (NYSE:MCY) Sets New 52-Week High – Time to Buy?

Mercury General Co. (NYSE:MCY) shares reached a new 52-week high on Wednesday . The stock traded as high as $79.07 and last traded at $79.07, with a volume of 1933 shares. The stock had previously closed at $78.38.

Mercury General Trading Up 0.7 %

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 business’s 50 day moving average price is $68.03 and its 200-day moving average price is $61.11. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 7.86 and a beta of 0.81.

Mercury General (NYSE:MCY) last released its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the business posted $1.14 EPS. Equities analysts expect that Mercury General Co. will post 6.35 EPS for the current year.

Mercury General Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be given a $0.317 dividend. The ex-dividend date is Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.61%. Mercury General’s payout ratio is currently 12.59%.

Institutional Investors Weigh In On Mercury General

Several institutional investors and hedge funds have recently bought and sold shares of MCY. Louisiana State Employees Retirement System grew its holdings in shares of Mercury General by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after purchasing an additional 200 shares during the last quarter. Diversified Trust Co increased its position in Mercury General by 4.2% in the second quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock worth $434,000 after buying an additional 326 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Mercury General by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 15,660 shares of the insurance provider’s stock valued at $832,000 after buying an additional 396 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Mercury General by 4.6% during the third quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider’s stock valued at $648,000 after acquiring an additional 454 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Mercury General by 1.0% during the third quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider’s stock worth $3,016,000 after acquiring an additional 481 shares during the last quarter. Institutional investors and hedge funds own 42.39% 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.