Mercury General (NYSE:MCY) Downgraded by StockNews.com to Hold

Mercury General (NYSE:MCY - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday.

Separately, Raymond James raised shares of Mercury General from an "outperform" rating to a "strong-buy" rating and increased their price objective for the company from $70.00 to $80.00 in a research report on Wednesday, February 12th.

Mercury General Stock Down 3.2 %

MCY traded down $1.82 during trading on Thursday, hitting $54.74. The stock had a trading volume of 822,977 shares, compared to its average volume of 1,179,920. The stock has a 50 day simple moving average of $58.95 and a two-hundred day simple moving average of $63.76. The company has a market capitalization of $3.03 billion, a PE ratio of 5.43 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33. Mercury General has a twelve month low of $43.79 and a twelve month high of $80.72.

Mercury General (NYSE:MCY - Get Free Report) last announced its earnings results on Tuesday, February 11th. The insurance provider reported $2.78 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.84. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. On average, research analysts predict that Mercury General will post 5.05 earnings per share for the current year.

Insider Buying and Selling at Mercury General

In other 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 value of $83,153.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 35.50% of the company's stock.

Institutional Investors Weigh In On Mercury General

Several hedge funds have recently added to or reduced their stakes in MCY. Allworth Financial LP boosted its stake in shares of Mercury General by 1,190.5% in the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider's stock worth $34,000 after buying an additional 500 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Mercury General by 145.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock worth $37,000 after purchasing an additional 328 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Mercury General during the 4th quarter worth approximately $44,000. Sterling Capital Management LLC grew its stake in shares of Mercury General by 772.9% during the 4th quarter. Sterling Capital Management LLC now owns 742 shares of the insurance provider's stock worth $49,000 after purchasing an additional 657 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in shares of Mercury General during the 4th quarter valued at approximately $60,000. 42.39% of the stock is owned by hedge funds and other institutional investors.

About Mercury General

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.