Edgestream Partners L.P. Makes New $2.16 Million Investment in Mercury General Co. (NYSE:MCY)

Edgestream Partners L.P. acquired a new stake in Mercury General Co. (NYSE:MCY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 40,679 shares of the insurance provider’s stock, valued at approximately $2,162,000.

A number of other hedge funds also recently made changes to their positions in the business. CWM LLC lifted its holdings in Mercury General by 962.3% during the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 510 shares during the last quarter. National Bank of Canada FI bought a new position in shares of Mercury General in the second quarter valued at about $32,000. Blue Trust Inc. lifted its stake in shares of Mercury General by 8,262.5% during the 2nd quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after buying an additional 661 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in shares of Mercury General during the 2nd quarter worth about $64,000. Finally, Covestor Ltd grew its stake in Mercury General by 20.8% in the 1st quarter. Covestor Ltd now owns 1,571 shares of the insurance provider’s stock valued at $81,000 after buying an additional 271 shares during the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Up 0.3 %

Mercury General stock opened at $59.55 on Thursday. Mercury General Co. has a twelve month low of $27.27 and a twelve month high of $67.11. The stock has a market cap of $3.30 billion, a P/E ratio of 15.31 and a beta of 0.81. The company’s 50-day moving average price is $59.84 and its two-hundred day moving average price is $55.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35.

Mercury General (NYSE:MCY) last released its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.29. Mercury General had a return on equity of 14.91% and a net margin of 6.36%. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm posted ($0.47) EPS. As a group, analysts expect that Mercury General Co. will post 4 EPS for the current year.

Mercury General Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.27 annualized dividend and a dividend yield of 2.13%. Mercury General’s dividend payout ratio (DPR) is presently 32.65%.

Mercury General Company 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, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.