Connor Clark & Lunn Investment Management Ltd. Reduces Position in Mercury General Co. (NYSE:MCY)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Mercury General Co. (NYSE:MCY - Free Report) by 39.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,317 shares of the insurance provider's stock after selling 20,706 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Mercury General worth $1,972,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MCY. Jennison Associates LLC acquired a new position in Mercury General in the third quarter valued at approximately $852,000. Quest Partners LLC boosted its stake in Mercury General by 12,340.0% during the 3rd quarter. Quest Partners LLC now owns 1,244 shares of the insurance provider's stock valued at $78,000 after purchasing an additional 1,234 shares during the last quarter. Empowered Funds LLC raised its stake in Mercury General by 4.6% in the third quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider's stock valued at $648,000 after purchasing an additional 454 shares in the last quarter. CIBC Asset Management Inc bought a new position in Mercury General during the 3rd quarter valued at approximately $211,000. Finally, Victory Capital Management Inc. grew its holdings in Mercury General by 132.3% during the 3rd 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 in the last quarter. 42.39% of the stock is owned by institutional investors.

Mercury General Price Performance

Shares of MCY stock traded up $0.58 during trading hours on Tuesday, hitting $78.35. 340,045 shares of the company's stock were exchanged, compared to its average volume of 237,068. The firm has a 50 day moving average of $67.65 and a two-hundred day moving average of $60.97. Mercury General Co. has a fifty-two week low of $36.37 and a fifty-two week high of $78.72. The firm has a market cap of $4.34 billion, a P/E ratio of 7.76 and a beta of 0.81. 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 (NYSE:MCY - Get Free Report) last posted its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. During the same period last year, the firm posted $1.14 EPS. Sell-side analysts forecast that Mercury General Co. will post 6.35 EPS for the current year.

Mercury General Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be paid a $0.317 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Thursday, December 12th. Mercury General's dividend payout ratio is presently 12.59%.

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.