Mercury General (NYSE:MCY) Cut to Buy at StockNews.com

Mercury General (NYSE:MCY) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Mercury General Stock Up 0.1 %

Shares of NYSE MCY opened at $78.96 on Thursday. The company has a market cap of $4.37 billion, a P/E ratio of 7.83 and a beta of 0.81. The firm has a 50-day simple moving average of $68.79 and a two-hundred day simple moving average of $61.36. Mercury General has a 1 year low of $36.81 and a 1 year high of $80.72. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33.

Mercury General (NYSE:MCY) last issued its quarterly earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The firm 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 period last year, the company earned $1.14 EPS. Research analysts anticipate that Mercury General will post 6.35 earnings per share for the current year.

Institutional Investors Weigh In On Mercury General

Large investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its position in shares of Mercury General by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock worth $712,000 after acquiring an additional 200 shares during the period. Diversified Trust Co increased its holdings in Mercury General by 4.2% during the 2nd quarter. Diversified Trust Co now owns 8,158 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 326 shares during the period. The Manufacturers Life Insurance Company raised its position in Mercury General by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,660 shares of the insurance provider’s stock valued at $832,000 after purchasing an additional 396 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Mercury General by 4.6% in the 3rd quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider’s stock worth $648,000 after buying an additional 454 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Mercury General by 1.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider’s stock worth $3,016,000 after buying an additional 481 shares in the last quarter. 42.39% of the stock is owned by hedge funds and other institutional investors.

About Mercury General

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.