Verition Fund Management LLC Has $1.06 Million Stock Position in Mercury General Co. (NYSE:MCY)

Verition Fund Management LLC raised its position in Mercury General Co. (NYSE:MCY - Free Report) by 74.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,786 shares of the insurance provider's stock after buying an additional 7,178 shares during the period. Verition Fund Management LLC's holdings in Mercury General were worth $1,057,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Mercury General by 4.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,690 shares of the insurance provider's stock valued at $1,120,000 after acquiring an additional 937 shares during the last quarter. CWM LLC boosted its position in shares of Mercury General by 962.3% during the second quarter. CWM LLC now owns 563 shares of the insurance provider's stock worth $30,000 after buying an additional 510 shares during the period. SG Americas Securities LLC grew its holdings in Mercury General by 1,169.4% in the 2nd quarter. SG Americas Securities LLC now owns 32,980 shares of the insurance provider's stock worth $1,753,000 after buying an additional 30,382 shares in the last quarter. Diversified Trust Co raised its stake in Mercury General by 4.2% during the 2nd quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider's stock valued at $434,000 after acquiring an additional 326 shares in the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in Mercury General during the 2nd quarter worth $64,000. Hedge funds and other institutional investors own 42.39% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Mercury General from a "strong-buy" rating to a "buy" rating in a research note on Thursday, November 28th.

Mercury General Price Performance

Mercury General stock traded down $2.23 during midday trading on Monday, hitting $74.02. The company's stock had a trading volume of 224,596 shares, compared to its average volume of 237,047. Mercury General Co. has a 12 month low of $36.96 and a 12 month high of $80.72. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $4.10 billion, a PE ratio of 7.34 and a beta of 0.84. The stock's 50-day moving average price is $70.75 and its 200-day moving average price is $62.34.

Mercury General (NYSE:MCY - Get Free Report) last released its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $1.39. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate 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 previous year, the firm earned $1.14 EPS. Analysts anticipate that Mercury General Co. will post 6.35 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be given a dividend of $0.317 per share. The ex-dividend date is Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.71%. Mercury General's dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of Mercury General stock in a transaction that occurred 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 35.50% 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.