Jacobs Levy Equity Management Inc. cut its stake in shares of Mercury General Co. (NYSE:MCY - Free Report) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 368,305 shares of the insurance provider's stock after selling 8,771 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.67% of Mercury General worth $23,196,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in shares of Mercury General by 132.3% during the third quarter. Victory Capital Management Inc. now owns 27,917 shares of the insurance provider's stock worth $1,758,000 after buying an additional 15,898 shares during the period. American Century Companies Inc. lifted its position in Mercury General by 20.5% in the second quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider's stock worth $2,800,000 after purchasing an additional 8,976 shares during the period. Farther Finance Advisors LLC lifted its position in 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 worth $137,000 after purchasing an additional 2,051 shares during the period. TD Asset Management Inc acquired a new stake in Mercury General in the second quarter worth approximately $515,000. Finally, Allspring Global Investments Holdings LLC lifted its position in 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 worth $2,355,000 after purchasing an additional 8,578 shares during the period. 42.39% of the stock is owned by institutional investors.
Mercury General Price Performance
Shares of NYSE:MCY traded up $0.13 on Thursday, reaching $77.60. 282,645 shares of the company traded hands, compared to its average volume of 237,317. The company's 50 day moving average is $69.99 and its 200-day moving average is $61.95. 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 fifty-two week low of $36.96 and a fifty-two week high of $80.72. The stock has a market capitalization of $4.30 billion, a PE ratio of 7.68 and a beta of 0.84.
Mercury General (NYSE:MCY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share 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 business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, analysts anticipate that Mercury General Co. will post 6.35 earnings per share for the current fiscal year.
Mercury General Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Thursday, December 12th. Mercury General's dividend payout ratio (DPR) is 12.59%.
Analyst Ratings Changes
Separately, StockNews.com downgraded Mercury General from a "strong-buy" rating to a "buy" rating in a research report on Thursday, November 28th.
View Our Latest Report on MCY
Insider Buying and Selling at Mercury General
In related news, VP Heidi C. Sullivan sold 1,076 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 35.50% of the company's stock.
Mercury General 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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