Millennium Management LLC Sells 18,707 Shares of Mercury General Co. (NYSE:MCY)

Millennium Management LLC decreased its stake in Mercury General Co. (NYSE:MCY) by 22.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,502 shares of the insurance provider’s stock after selling 18,707 shares during the period. Millennium Management LLC owned 0.11% of Mercury General worth $3,374,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Louisiana State Employees Retirement System raised its position in shares of Mercury General by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after buying an additional 200 shares in the last quarter. Covestor Ltd boosted its position in Mercury General by 20.8% during the first quarter. Covestor Ltd now owns 1,571 shares of the insurance provider’s stock valued at $81,000 after acquiring an additional 271 shares during the last quarter. Texas Permanent School Fund Corp boosted its position in Mercury General by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 23,261 shares of the insurance provider’s stock valued at $1,200,000 after acquiring an additional 311 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in Mercury General by 2.1% during the first quarter. Illinois Municipal Retirement Fund now owns 15,179 shares of the insurance provider’s stock valued at $783,000 after acquiring an additional 315 shares during the last quarter. Finally, Diversified Trust Co boosted its position in Mercury General by 4.2% during the second quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 326 shares during the last quarter. Institutional investors own 42.39% of the company’s stock.

Mercury General Price Performance

Shares of NYSE MCY opened at $65.82 on Tuesday. The firm’s 50-day moving average price is $62.15 and its 200-day moving average price is $57.30. Mercury General Co. has a 1-year low of $29.23 and a 1-year high of $67.11. The firm has a market capitalization of $3.64 billion, a P/E ratio of 16.92 and a beta of 0.81. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35.

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

Mercury General Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th were given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Thursday, September 12th. Mercury General’s payout ratio is 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.