Fmr LLC Has $326,000 Stock Holdings in Mercury General Co. (NYSE:MCY)

Fmr LLC increased its position in Mercury General Co. (NYSE:MCY) by 463.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,181 shares of the insurance provider’s stock after acquiring an additional 4,261 shares during the quarter. Fmr LLC’s holdings in Mercury General were worth $326,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MCY. CWM LLC grew its position in shares of Mercury General by 962.3% in the 2nd quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after buying an additional 510 shares during the last quarter. Blue Trust Inc. boosted its holdings in Mercury General by 8,262.5% in the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 661 shares during the last quarter. Louisiana State Employees Retirement System increased its position in Mercury General by 1.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the insurance provider’s stock valued at $712,000 after purchasing an additional 200 shares during the period. Bank of New York Mellon Corp raised its holdings in Mercury General by 3.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 310,333 shares of the insurance provider’s stock worth $16,491,000 after purchasing an additional 11,242 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Mercury General by 272.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 28,811 shares of the insurance provider’s stock worth $1,531,000 after purchasing an additional 21,079 shares during the period. Institutional investors own 42.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Wednesday.

Mercury General Stock Performance

MCY stock opened at $68.19 on Friday. The firm has a market cap of $3.78 billion, a PE ratio of 6.76 and a beta of 0.84. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $71.90 and a 200-day moving average price of $63.08. Mercury General Co. has a 1-year low of $36.96 and a 1-year high of $80.72.

Mercury General (NYSE:MCY) last issued its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share 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 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 period in the previous year, the company posted $1.14 earnings per share. As a group, equities research analysts expect that Mercury General Co. will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Thursday, December 12th will be given a dividend of $0.317 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.86%. Mercury General’s payout ratio is presently 12.59%.

Insider Buying and Selling

In other Mercury General news, VP Heidi C. Sullivan sold 1,076 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total transaction of $83,153.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 35.50% of the stock is owned by insiders.

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.