Wallace Capital Management Inc. Lowers Stock Holdings in Mercury General Co. (NYSE:MCY)

Wallace Capital Management Inc. cut its stake in shares of Mercury General Co. (NYSE:MCY) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,594 shares of the insurance provider’s stock after selling 479 shares during the quarter. Mercury General makes up approximately 0.4% of Wallace Capital Management Inc.’s holdings, making the stock its 23rd biggest holding. Wallace Capital Management Inc.’s holdings in Mercury General were worth $3,167,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MCY. CWM LLC grew its stake in Mercury General by 962.3% in the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 510 shares in the last quarter. National Bank of Canada FI purchased a new stake in shares of Mercury General in the 2nd quarter worth $32,000. Blue Trust Inc. grew its position 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 in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of Mercury General during the second quarter valued at $64,000. Finally, Quarry LP raised its holdings in shares of Mercury General by 112.0% in the second quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock valued at $65,000 after acquiring an additional 642 shares in the last quarter. Institutional investors own 42.39% of the company’s stock.

Mercury General Stock Down 1.1 %

Shares of Mercury General stock opened at $63.23 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 16.25 and a beta of 0.81. The firm’s 50-day moving average is $60.90 and its two-hundred day moving average is $56.13. Mercury General Co. has a 1 year low of $27.30 and a 1 year high of $67.11.

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

Mercury General Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were paid a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, September 12th. Mercury General’s dividend payout ratio (DPR) is currently 32.65%.

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.