Ieq Capital LLC Invests $1.16 Million in Mercury General Co. (NYSE:MCY)

Ieq Capital LLC acquired a new position in Mercury General Co. (NYSE:MCY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 17,430 shares of the insurance provider's stock, valued at approximately $1,159,000.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Mercury General by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 623,460 shares of the insurance provider's stock valued at $39,273,000 after buying an additional 15,264 shares in the last quarter. Phase 2 Partners LLC boosted its holdings in shares of Mercury General by 142.1% in the third quarter. Phase 2 Partners LLC now owns 273,955 shares of the insurance provider's stock worth $17,254,000 after acquiring an additional 160,808 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Mercury General by 607.5% in 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 in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Mercury General during the 3rd quarter valued at $13,068,000. Finally, Hennessy Advisors Inc. lifted its holdings in Mercury General by 6.8% during the 4th quarter. Hennessy Advisors Inc. now owns 192,300 shares of the insurance provider's stock worth $12,784,000 after purchasing an additional 12,300 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 stock traded up $0.35 on Friday, reaching $53.88. The company's stock had a trading volume of 582,865 shares, compared to its average volume of 1,009,906. Mercury General Co. has a 12-month low of $44.19 and a 12-month high of $80.72. The stock's 50 day simple moving average is $55.69 and its 200-day simple moving average is $63.28. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $2.98 billion, a P/E ratio of 6.38 and a beta of 0.85.

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Mercury General (NYSE:MCY - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The insurance provider reported $2.78 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.84. Mercury General had a return on equity of 22.54% and a net margin of 8.55%. As a group, equities analysts predict that Mercury General Co. will post -0.5 earnings per share for the current fiscal year.

Mercury General Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, March 13th. This is a boost from Mercury General's previous quarterly dividend of $0.32. Mercury General's payout ratio is currently 15.03%.

Insider Transactions at Mercury General

In related news, VP Heidi C. Sullivan sold 1,076 shares of the company's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 35.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCY. Raymond James raised Mercury General from an "outperform" rating to a "strong-buy" rating and lifted their target price for the company from $70.00 to $80.00 in a report on Wednesday, February 12th. StockNews.com cut shares of Mercury General from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th.

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.