Charles Schwab Investment Management Inc. cut its position in Mercury General Co. (NYSE:MCY - Free Report) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 455,827 shares of the insurance provider's stock after selling 24,450 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.82% of Mercury General worth $28,708,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of Mercury General by 132.3% in the third quarter. Victory Capital Management Inc. now owns 27,917 shares of the insurance provider's stock valued at $1,758,000 after buying an additional 15,898 shares during the period. American Century Companies Inc. raised its stake in shares of Mercury General by 20.5% in the second quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider's stock valued at $2,800,000 after buying an additional 8,976 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Mercury General by 1,753.0% in the third quarter. Farther Finance Advisors LLC now owns 2,168 shares of the insurance provider's stock valued at $137,000 after buying an additional 2,051 shares during the period. TD Asset Management Inc bought a new stake in shares of Mercury General in the second quarter valued at $515,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Mercury General by 29.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 37,389 shares of the insurance provider's stock valued at $2,355,000 after buying an additional 8,578 shares during the period. 42.39% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, VP Heidi C. Sullivan sold 1,076 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 35.50% of the stock is owned by company insiders.
Mercury General Stock Performance
Shares of NYSE:MCY traded up $0.13 during midday trading on Thursday, reaching $77.60. 291,438 shares of the company traded hands, compared to its average volume of 237,317. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. Mercury General Co. has a 12 month low of $36.96 and a 12 month high of $80.72. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 7.68 and a beta of 0.84. The firm's fifty day moving average price is $69.99 and its two-hundred day moving average price is $61.95.
Mercury General (NYSE:MCY - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.37 billion. During the same period in the previous year, the company posted $1.14 EPS. On average, equities analysts expect that Mercury General Co. will post 6.35 earnings per share for the current year.
Mercury General Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Thursday, December 12th will be given a dividend of $0.317 per share. This represents a $1.27 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, December 12th. Mercury General's payout ratio is 12.59%.
Wall Street Analysts Forecast Growth
Separately, StockNews.com lowered Mercury General from a "strong-buy" rating to a "buy" rating in a research note on Thursday, November 28th.
Read Our Latest Research Report on MCY
Mercury General Company Profile
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Free Report)
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.
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