Sheets Smith Investment Management Makes New $1.28 Million Investment in Mercury General Co. (NYSE:MCY)

Sheets Smith Investment Management bought a new position in Mercury General Co. (NYSE:MCY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 19,281 shares of the insurance provider's stock, valued at approximately $1,282,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its holdings in Mercury General by 145.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 554 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 328 shares during the period. SBI Securities Co. Ltd. bought a new stake in Mercury General during the 4th quarter valued at approximately $44,000. Millstone Evans Group LLC bought a new stake in Mercury General during the 4th quarter valued at approximately $60,000. Steward Partners Investment Advisory LLC purchased a new position in Mercury General in the 4th quarter worth approximately $68,000. Finally, Quest Partners LLC boosted its stake in Mercury General by 12,340.0% in the 3rd quarter. Quest Partners LLC now owns 1,244 shares of the insurance provider's stock worth $78,000 after purchasing an additional 1,234 shares during the period. Institutional investors own 42.39% of the company's stock.

Mercury General Price Performance

Shares of NYSE MCY traded down $0.91 during midday trading on Friday, reaching $56.30. 506,868 shares of the stock traded hands, compared to its average volume of 389,923. The company's 50 day moving average is $53.26 and its 200 day moving average is $62.30. Mercury General Co. has a one year low of $44.19 and a one year high of $80.72. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market capitalization of $3.12 billion, a PE ratio of 6.66 and a beta of 0.80.

Remove Ads

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.84. Mercury General had a net margin of 8.55% and a return on equity of 22.54%. On average, equities research analysts anticipate that Mercury General Co. will post -0.5 earnings per share for the current year.

Mercury General Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a $0.3175 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $1.27 annualized dividend and a yield of 2.26%. This is a positive change from Mercury General's previous quarterly dividend of $0.32. Mercury General's dividend payout ratio (DPR) is currently 15.03%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MCY. Raymond James upgraded shares of Mercury General from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the company from $70.00 to $80.00 in a research report on Wednesday, February 12th. StockNews.com downgraded shares of Mercury General from a "buy" rating to a "hold" rating in a report 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.