Wittenberg Investment Management Inc. reduced its stake in shares of Mercury General Co. (NYSE:MCY) by 2.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,095 shares of the insurance provider’s stock after selling 300 shares during the period. Wittenberg Investment Management Inc.’s holdings in Mercury General were worth $756,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in shares of Mercury General during the 1st quarter worth approximately $59,000. NEXT Financial Group Inc acquired a new position in shares of Mercury General during the 2nd quarter worth approximately $73,000. Advisor Group Inc. raised its position in shares of 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. Cambria Investment Management L.P. acquired a new position in shares of Mercury General during the 1st quarter worth approximately $134,000. Finally, Flagship Harbor Advisors LLC grew its stake in Mercury General by 25.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 3,055 shares of the insurance provider’s stock worth $152,000 after acquiring an additional 624 shares during the period. Hedge funds and other institutional investors own 43.91% of the company’s stock.
In other news, VP Charles Toney sold 600 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $60.45, for a total transaction of $36,270.00. Following the completion of the sale, the vice president now directly owns 11,803 shares of the company’s stock, valued at approximately $713,491.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 34.20% of the stock is owned by insiders.
MCY stock traded down $0.16 during midday trading on Friday, hitting $56.19. The stock had a trading volume of 170,281 shares, compared to its average volume of 275,409. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 31.22, a PEG ratio of 0.43 and a beta of 0.25. The company has a current ratio of 0.42, a quick ratio of 0.43 and a debt-to-equity ratio of 0.21. Mercury General Co. has a 12-month low of $47.96 and a 12-month high of $65.22. The business has a 50-day moving average price of $62.03.
Mercury General (NYSE:MCY) last released its earnings results on Monday, July 29th. The insurance provider reported $0.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.17). The firm had revenue of $936.10 million during the quarter, compared to analysts’ expectations of $922.34 million. Mercury General had a return on equity of 7.97% and a net margin of 5.28%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. On average, equities research analysts anticipate that Mercury General Co. will post 3.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.6275 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $2.51 annualized dividend and a yield of 4.47%. Mercury General’s payout ratio is currently 139.44%.
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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