Absher Wealth Management LLC Sells 11,299 Shares of Mercury General Co. (NYSE:MCY)

Absher Wealth Management LLC decreased its position in Mercury General Co. (NYSE:MCY - Free Report) by 28.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,215 shares of the insurance provider's stock after selling 11,299 shares during the quarter. Absher Wealth Management LLC owned about 0.05% of Mercury General worth $1,876,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Mercury General by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 623,460 shares of the insurance provider's stock worth $39,273,000 after acquiring an additional 15,264 shares in the last quarter. Phase 2 Partners LLC boosted its position in Mercury General by 142.1% during the third quarter. Phase 2 Partners LLC now owns 273,955 shares of the insurance provider's stock worth $17,254,000 after purchasing an additional 160,808 shares during the period. Assenagon Asset Management S.A. grew its holdings in Mercury General by 607.5% during the third quarter. Assenagon Asset Management S.A. now owns 214,427 shares of the insurance provider's stock valued at $13,505,000 after purchasing an additional 184,121 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Mercury General in the third quarter valued at approximately $13,068,000. Finally, Hennessy Advisors Inc. lifted its stake in shares of Mercury General by 6.8% in the fourth quarter. Hennessy Advisors Inc. now owns 192,300 shares of the insurance provider's stock worth $12,784,000 after buying an additional 12,300 shares during the last quarter. Institutional investors and hedge funds own 42.39% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Mercury General

In other news, VP Heidi C. Sullivan sold 1,076 shares of Mercury General stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. 35.50% of the stock is currently owned by corporate insiders.

Mercury General Stock Performance

Shares of NYSE MCY traded down $1.12 during trading hours on Friday, hitting $49.94. 772,090 shares of the company's stock were exchanged, compared to its average volume of 1,179,920. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 4.95 and a beta of 0.85. The company's 50-day moving average price is $61.32 and its 200-day moving average price is $63.89. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33. Mercury General Co. has a 1-year low of $38.47 and a 1-year high of $80.72.

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.