Thrivent Financial for Lutherans Sells 1,192 Shares of Mercury General Co. (NYSE:MCY)

Thrivent Financial for Lutherans lowered its holdings in shares of Mercury General Co. (NYSE:MCY) by 5.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 20,872 shares of the insurance provider’s stock after selling 1,192 shares during the period. Thrivent Financial for Lutherans’ holdings in Mercury General were worth $1,315,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCY. Victory Capital Management Inc. boosted its position in shares of Mercury General by 132.3% in the 3rd quarter. Victory Capital Management Inc. now owns 27,917 shares of the insurance provider’s stock worth $1,758,000 after purchasing an additional 15,898 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Mercury General by 20.5% in the second quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider’s stock worth $2,800,000 after acquiring an additional 8,976 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Mercury General by 1,753.0% during the third quarter. Farther Finance Advisors LLC now owns 2,168 shares of the insurance provider’s stock valued at $137,000 after acquiring an additional 2,051 shares in the last quarter. TD Asset Management Inc purchased a new position in shares of Mercury General in the 2nd quarter worth about $515,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Mercury General by 29.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 37,389 shares of the insurance provider’s stock worth $2,355,000 after purchasing an additional 8,578 shares in the last quarter. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research note on Thursday.

Mercury General Price Performance

Shares of MCY opened at $78.96 on Friday. The company has a market capitalization of $4.37 billion, a P/E ratio of 7.83 and a beta of 0.81. Mercury General Co. has a twelve month low of $36.81 and a twelve month high of $80.72. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $69.17 and a 200 day moving average of $61.51.

Mercury General (NYSE:MCY) last posted its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.37 billion. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. During the same quarter last year, the company earned $1.14 EPS. As a group, equities research analysts anticipate that Mercury General Co. will post 6.35 earnings per share for the current fiscal year.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be paid a dividend of $0.317 per share. This represents a $1.27 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, December 12th. Mercury General’s dividend payout ratio is currently 12.59%.

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, 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.