Mercury General (NYSE:MCY) posted its earnings results on Monday. The insurance provider reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($1.00), MarketWatch Earnings reports. Mercury General had a net margin of 2.80% and a return on equity of 7.13%. The business had revenue of $850.70 million during the quarter, compared to analysts’ expectations of $832.44 million. During the same period last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year.
MCY traded down $3.10 during mid-day trading on Monday, hitting $50.31. 9,632 shares of the stock were exchanged, compared to its average volume of 636,814. Mercury General has a 1-year low of $42.30 and a 1-year high of $61.83. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.21. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 0.32 and a beta of 0.22.
A number of research analysts recently weighed in on MCY shares. Keefe, Bruyette & Woods set a $69.00 target price on shares of Mercury General and gave the company a “buy” rating in a report on Monday, October 29th. Zacks Investment Research raised shares of Mercury General from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Wednesday, January 9th. Finally, ValuEngine lowered shares of Mercury General from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Mercury General by 1.6% during the 4th quarter. BlackRock Inc. now owns 2,524,258 shares of the insurance provider’s stock worth $130,528,000 after acquiring an additional 39,641 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Mercury General by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,058,294 shares of the insurance provider’s stock worth $103,243,000 after acquiring an additional 6,035 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Mercury General by 14.0% during the 3rd quarter. Renaissance Technologies LLC now owns 1,118,346 shares of the insurance provider’s stock worth $56,096,000 after acquiring an additional 137,446 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Mercury General by 37.4% during the 4th quarter. Victory Capital Management Inc. now owns 568,705 shares of the insurance provider’s stock worth $29,408,000 after acquiring an additional 154,775 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Mercury General by 4.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 537,048 shares of the insurance provider’s stock worth $24,469,000 after acquiring an additional 24,606 shares in the last quarter. 48.91% of the stock is currently owned by hedge funds and other institutional investors.
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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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