Verition Fund Management LLC Acquires 7,178 Shares of Mercury General Co. (NYSE:MCY)

Verition Fund Management LLC lifted its holdings in shares of Mercury General Co. (NYSE:MCY) by 74.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,786 shares of the insurance provider’s stock after acquiring an additional 7,178 shares during the period. Verition Fund Management LLC’s holdings in Mercury General were worth $1,057,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in Mercury General by 132.3% during 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. raised its position in Mercury General by 20.5% in the 2nd quarter. American Century Companies Inc. now owns 52,688 shares of the insurance provider’s stock valued at $2,800,000 after buying an additional 8,976 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Mercury General by 1,753.0% during the 3rd 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 Mercury General during the 2nd quarter worth $515,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 acquiring an additional 8,578 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Price Performance

Shares of NYSE MCY opened at $76.25 on Monday. 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 company has a market capitalization of $4.22 billion, a PE ratio of 7.56 and a beta of 0.84. The stock’s 50 day moving average price is $70.53 and its 200-day moving average price is $62.22. Mercury General Co. has a twelve month low of $36.96 and a twelve month high of $80.72.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $1.14 EPS. On average, equities analysts anticipate that Mercury General Co. will post 6.35 EPS for the current 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 $0.317 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, December 12th. Mercury General’s payout ratio is 12.59%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 28th.

Insider Activity

In other news, VP Heidi C. Sullivan sold 1,076 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 35.50% of the company’s stock.

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.