Public Employees Retirement System of Ohio Invests $1.03 Million in Mercury General Corporation $MCY

Public Employees Retirement System of Ohio bought a new stake in shares of Mercury General Corporation (NYSE:MCY) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 9,635 shares of the insurance provider’s stock, valued at approximately $1,027,000.

Other institutional investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new stake in shares of Mercury General in the 2nd quarter worth $1,634,000. BlackRock Inc. bought a new position in shares of Mercury General during the second quarter valued at about $479,604,000. Principal Financial Group Inc. boosted its holdings in Mercury General by 40.5% during the first quarter. Principal Financial Group Inc. now owns 178,064 shares of the insurance provider’s stock worth $15,696,000 after purchasing an additional 51,336 shares during the last quarter. First Trust Advisors LP boosted its holdings in Mercury General by 32.2% during the first quarter. First Trust Advisors LP now owns 62,181 shares of the insurance provider’s stock worth $5,481,000 after purchasing an additional 15,139 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Mercury General in the 2nd quarter worth about $26,295,000. Institutional investors own 42.39% of the company’s stock.

Mercury General Stock Down 1.8%

MCY opened at $102.64 on Wednesday. Mercury General Corporation has a twelve month low of $74.29 and a twelve month high of $113.06. The company’s 50-day moving average price is $106.43 and its two-hundred day moving average price is $99.26. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 6.07 and a beta of 0.90. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.99. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.52 billion. Mercury General had a net margin of 14.77% and a return on equity of 31.98%. As a group, equities analysts expect that Mercury General Corporation will post 12.75 earnings per share for the current year.

Mercury General Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 10th. Mercury General’s dividend payout ratio (DPR) is currently 7.51%.

Analysts Set New Price Targets

MCY has been the subject of several analyst reports. Zacks Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercury General in a report on Tuesday, September 1st. Finally, Wall Street Zen raised Mercury General from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus price target of $100.00.

Mercury General Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.