Mercury General (NYSE:MCY) Sets New 12-Month High - Here's Why

Shares of Mercury General Co. (NYSE:MCY - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $73.95 and last traded at $73.57, with a volume of 51743 shares traded. The stock had previously closed at $72.63.

Mercury General Price Performance

The company's 50 day moving average price is $64.47 and its 200-day moving average price is $59.24. 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 company has a market capitalization of $4.09 billion, a PE ratio of 7.20 and a beta of 0.81.

Mercury General (NYSE:MCY - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $1.39. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company earned $1.14 earnings per share. On average, sell-side analysts forecast that Mercury General Co. will post 4 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders 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 dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, December 12th. Mercury General's dividend payout ratio (DPR) is 12.59%.

Hedge Funds Weigh In On Mercury General

A number of hedge funds have recently modified their holdings of the stock. Quest Partners LLC increased its holdings in shares of Mercury General by 12,340.0% in 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 period. Empowered Funds LLC boosted its holdings in Mercury General by 4.6% in the 3rd 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 during the period. CIBC Asset Management Inc acquired a new position in shares of Mercury General in the third quarter valued at $211,000. Victory Capital Management Inc. lifted its position in shares of Mercury General by 132.3% during the 3rd 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. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Mercury General by 67.8% in the third quarter. Los Angeles Capital Management LLC now owns 21,253 shares of the insurance provider's stock valued at $1,339,000 after buying an additional 8,590 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Company 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.

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