Commonwealth Equity Services LLC increased its stake in Mercury General Co. (NYSE: MCY – Get a rating) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund held 17,258 shares of the insurance provider after acquiring an additional 554 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Mercury General were worth $949,000 when it last filed with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCY. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stock position in Mercury General during the fourth quarter worth $45,000. Signaturefd LLC increased its position in Mercury General shares by 59.6% during the first quarter. Signaturefd LLC now owns 1,055 shares of the insurance provider worth $58,000 after buying 394 additional shares in the last quarter. Zurcher Kantonalbank Zurcher Kantonalbank increased its position in Mercury General shares by 36.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,978 shares of the insurance provider worth $219,000 after buying 1,073 additional shares in the last quarter. Inspire Investing LLC bought a new stock position in Mercury General during the first quarter worth $235,000. Finally, Lindenwold Advisors bought a new position in Mercury General stock during the fourth quarter worth $258,000. 40.01% of the shares are held by institutional investors.
Mercury General Trading up 2.9%
Shares of NYSE: MCY opened at $34.19 on Tuesday. Mercury General Co. has a 12-month low of $31.29 and a 12-month high of $60.67. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt ratio of 0.22. The company’s fifty-day simple moving average is $42.06 and its 200-day simple moving average is $48.76. The company has a market capitalization of $1.89 billion, a price-earnings ratio of -5.04 and a beta of 0.39.
Mercury General cuts dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29. Investors of record on Thursday, September 15 will receive a dividend of $0.3175 per share. The ex-dividend date is Wednesday, September 14. This represents a dividend of $1.27 on an annualized basis and a dividend yield of 3.71%. Mercury General’s payout ratio is -37.41%.
Wall Street analysts predict growth
Separately, TheStreet reduced shares of Mercury General from a “b” rating to a “c+” rating in a Friday, May 6 research report.
About Mercury General
Mercury General Corporation, together with its subsidiaries, engages in the underwriting of personal automobile insurance in the United States. The Company also underwrites home, commercial automobile, commercial property, mechanical protection and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive bodily injury protection, underinsured and uninsured motorist and other risks; and home insurance products include home, liability, personal property, fire and other perils.
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