Brokerages Set $49.00 Price Target for Mercury General Co. (MCY)

Mercury General Co. (NYSE:MCY) has been assigned an average broker rating score of 3.50 (Sell) from the two analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a sell recommendation and one has assigned a hold recommendation to the company.

Brokers have set a twelve-month consensus price objective of $49.00 for the company and are predicting that the company will post $0.77 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Mercury General an industry rank of 102 out of 255 based on the ratings given to related companies.

A number of research analysts recently commented on MCY shares. ValuEngine downgraded shares of Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Zacks Investment Research raised shares of Mercury General from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Wednesday, January 9th.

In other Mercury General news, Director George Gwyer Braunegg acquired 500 shares of the stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $50.86 per share, with a total value of $25,430.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 34.20% of the company’s stock.

Institutional investors have recently modified their holdings of the business. First Hawaiian Bank purchased a new position in Mercury General during the 4th quarter worth $38,000. Advisor Group Inc. grew its position in Mercury General by 28.3% during the 4th quarter. Advisor Group Inc. now owns 1,594 shares of the insurance provider’s stock worth $83,000 after purchasing an additional 352 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Mercury General by 460.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,266 shares of the insurance provider’s stock worth $114,000 after purchasing an additional 1,862 shares during the last quarter. BlueMountain Capital Management LLC purchased a new position in Mercury General during the 3rd quarter worth $134,000. Finally, Ibex Investors LLC purchased a new position in Mercury General during the 4th quarter worth $213,000. 48.69% of the stock is currently owned by institutional investors.

Shares of MCY opened at $50.52 on Friday. Mercury General has a twelve month low of $43.46 and a twelve month high of $61.83. The firm has a market capitalization of $2.78 billion, a PE ratio of 28.07 and a beta of 0.23. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.23.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Monday, February 11th. The insurance provider reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($1.00). The firm had revenue of $850.70 million during the quarter, compared to analyst estimates of $832.44 million. Mercury General had a negative net margin of 0.17% and a positive return on equity of 5.91%. Mercury General’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 earnings per share. Equities analysts expect that Mercury General will post 3.6 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.627 per share. This represents a $2.51 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend was Wednesday, March 13th. Mercury General’s payout ratio is currently 139.44%.

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, 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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