Vestcor Inc Invests $299,000 in Mercury General Co. (NYSE:MCY)

Vestcor Inc purchased a new position in Mercury General Co. (NYSE:MCY - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,492 shares of the insurance provider's stock, valued at approximately $299,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in shares of Mercury General during the third quarter worth $13,068,000. Phase 2 Partners LLC grew its stake in Mercury General by 142.1% during the 3rd quarter. Phase 2 Partners LLC now owns 273,955 shares of the insurance provider's stock valued at $17,254,000 after acquiring an additional 160,808 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in Mercury General in the 3rd quarter valued at about $8,243,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Mercury General by 274.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 117,381 shares of the insurance provider's stock valued at $7,803,000 after acquiring an additional 86,064 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Mercury General during the 4th quarter worth approximately $2,595,000. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Trading Down 1.6 %

Shares of Mercury General stock traded down $0.93 during mid-day trading on Friday, hitting $55.89. The stock had a trading volume of 846,134 shares, compared to its average volume of 368,639. The firm has a 50-day moving average of $52.44 and a two-hundred day moving average of $62.57. The firm has a market cap of $3.10 billion, a P/E ratio of 6.61 and a beta of 0.80. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.29. Mercury General Co. has a 12-month low of $44.19 and a 12-month high of $80.72.

Remove Ads

Mercury General (NYSE:MCY - Get Free Report) last posted its earnings results on Tuesday, February 11th. The insurance provider reported $2.78 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%. Sell-side analysts forecast 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 will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be given a $0.3175 dividend. The ex-dividend date is Thursday, March 13th. This represents a $1.27 dividend on an annualized basis and a yield of 2.27%. 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%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MCY shares. StockNews.com cut Mercury General from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Raymond James upgraded Mercury General from an "outperform" rating to a "strong-buy" rating and lifted their price target for the stock from $70.00 to $80.00 in a report on Wednesday, February 12th.

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.