Texas Permanent School Fund Has $856,000 Holdings in Mercury General Co. (NYSE:MCY)

Texas Permanent School Fund trimmed its position in shares of Mercury General Co. (NYSE:MCY) by 27.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,059 shares of the insurance provider’s stock after selling 6,511 shares during the quarter. Texas Permanent School Fund’s holdings in Mercury General were worth $856,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MCY. Macquarie Group Ltd. acquired a new stake in Mercury General in the 2nd quarter valued at about $4,082,000. Envestnet Asset Management Inc. grew its stake in shares of Mercury General by 1,543.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 6,523 shares of the insurance provider’s stock valued at $297,000 after purchasing an additional 6,126 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Mercury General by 7.7% in the 2nd quarter. Wells Fargo & Company MN now owns 393,393 shares of the insurance provider’s stock valued at $17,923,000 after purchasing an additional 28,195 shares during the last quarter. Stephens Inc. AR grew its stake in shares of Mercury General by 21.4% in the 2nd quarter. Stephens Inc. AR now owns 16,514 shares of the insurance provider’s stock valued at $752,000 after purchasing an additional 2,912 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Mercury General by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock valued at $24,469,000 after purchasing an additional 24,606 shares during the last quarter. Institutional investors own 47.21% of the company’s stock.

MCY has been the subject of several recent analyst reports. Keefe, Bruyette & Woods initiated coverage on Mercury General in a report on Tuesday, August 28th. They issued a “buy” rating and a $64.00 price target for the company. TheStreet raised Mercury General from a “c+” rating to a “b-” rating in a report on Friday, August 10th. Finally, Zacks Investment Research raised Mercury General from a “hold” rating to a “strong-buy” rating and set a $70.00 price target for the company in a report on Thursday, November 1st.

MCY stock traded up $1.21 during midday trading on Monday, hitting $57.86. 328,700 shares of the stock were exchanged, compared to its average volume of 344,239. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $3.13 billion, a PE ratio of 35.41 and a beta of 0.21. Mercury General Co. has a fifty-two week low of $41.40 and a fifty-two week high of $61.83.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Monday, October 29th. The insurance provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.38. The company had revenue of $905.34 million during the quarter, compared to the consensus estimate of $877.06 million. Mercury General had a return on equity of 7.13% and a net margin of 2.80%. Mercury General’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. As a group, equities research analysts predict that Mercury General Co. will post 2.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Thursday, December 13th will be paid a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date is Wednesday, December 12th. This is a boost from Mercury General’s previous quarterly dividend of $0.63. Mercury General’s payout ratio is currently 152.44%.

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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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.

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Institutional Ownership by Quarter for Mercury General (NYSE:MCY)

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