Hotchkis & Wiley Capital Management LLC Trims Stake in Mercury General Co. (NYSE:MCY)

Hotchkis & Wiley Capital Management LLC reduced its stake in shares of Mercury General Co. (NYSE:MCY - Free Report) by 6.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 102,820 shares of the insurance provider's stock after selling 7,500 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.19% of Mercury General worth $6,476,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Louisiana State Employees Retirement System raised its holdings in Mercury General by 1.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider's stock valued at $712,000 after acquiring an additional 200 shares during the period. Diversified Trust Co boosted its stake in Mercury General by 4.2% in the 2nd quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider's stock worth $434,000 after purchasing an additional 326 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Mercury General by 2.6% during the 2nd 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 in the last quarter. Empowered Funds LLC increased its position 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 buying an additional 454 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Mercury General by 1.0% in the third quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider's stock worth $3,016,000 after buying an additional 481 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company's stock.

Mercury General Price Performance

Shares of MCY traded down $1.23 during trading hours on Friday, reaching $76.37. 186,269 shares of the company's stock traded hands, compared to its average volume of 237,049. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The firm's 50 day simple moving average is $70.26 and its 200-day simple moving average is $62.05. The stock has a market cap of $4.23 billion, a PE ratio of 7.57 and a beta of 0.84. Mercury General Co. has a 12 month low of $36.96 and a 12 month high of $80.72.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly 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 net margin of 10.18% and a return on equity of 18.04%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm earned $1.14 EPS. Equities analysts expect that Mercury General Co. will post 6.35 EPS for the current year.

Mercury General Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be issued a $0.317 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, December 12th. Mercury General's payout ratio is currently 12.59%.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Mercury General from a "strong-buy" rating to a "buy" rating in a report on Thursday, November 28th.

Insider Activity

In related news, VP Heidi C. Sullivan sold 1,076 shares of the firm's 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 35.50% of the company's stock.

Mercury General Profile

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.