Mercury General (NYSE:MCY) Trading Down 5.8% - Here's What Happened

Mercury General Co. (NYSE:MCY - Get Free Report)'s share price dropped 5.8% on Tuesday . The company traded as low as $48.93 and last traded at $48.66. Approximately 66,895 shares were traded during trading, a decline of 94% from the average daily volume of 1,107,462 shares. The stock had previously closed at $51.65.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Mercury General from a "strong-buy" rating to a "buy" rating in a research report on Thursday, December 26th.

Mercury General Trading Down 1.6 %

The company has a market cap of $2.77 billion, a P/E ratio of 4.95 and a beta of 0.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33. The stock's 50-day moving average is $64.71 and its two-hundred day moving average is $64.13.

Mercury General (NYSE:MCY - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion during the quarter, compared to analysts' expectations 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 in the prior year, the company posted $1.14 earnings per share. As a group, equities research analysts predict that Mercury General Co. will post 5.05 earnings per share for the current fiscal year.

Insider Activity at Mercury General

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of the stock in a transaction on Tuesday, December 3rd. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. 35.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Mercury General by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 623,460 shares of the insurance provider's stock valued at $39,273,000 after purchasing an additional 15,264 shares during the period. Phase 2 Partners LLC grew its position in shares of Mercury General by 142.1% in the 3rd quarter. Phase 2 Partners LLC now owns 273,955 shares of the insurance provider's stock worth $17,254,000 after buying an additional 160,808 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Mercury General by 607.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 214,427 shares of the insurance provider's stock worth $13,505,000 after buying an additional 184,121 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Mercury General in the 3rd quarter worth approximately $13,068,000. Finally, Hennessy Advisors Inc. boosted its stake in Mercury General by 6.8% in 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 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.