Mercury General (NYSE:MCY) Hits New 52-Week High – What’s Next?

by · The Cerbat Gem

Mercury General Corporation (NYSE:MCY – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $92.80 and last traded at $92.3750, with a volume of 28603 shares changing hands. The stock had previously closed at $91.55.

Analysts Set New Price Targets

Several brokerages have issued reports on MCY. Raymond James Financial reiterated a “strong-buy” rating and set a $100.00 target price (up from $90.00) on shares of Mercury General in a research report on Monday, September 22nd. Wall Street Zen raised Mercury General from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Zacks Research upgraded Mercury General from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Mercury General in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, Mercury General has an average rating of “Strong Buy” and an average target price of $100.00.

View Our Latest Stock Report on Mercury General

Mercury General Price Performance

The firm has a fifty day moving average of $82.86 and a two-hundred day moving average of $73.81. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $5.15 billion, a PE ratio of 13.21 and a beta of 0.97.

Mercury General (NYSE:MCY – Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The insurance provider reported $3.86 earnings per share for the quarter, beating the consensus estimate of $2.15 by $1.71. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.49 billion. Mercury General had a return on equity of 16.61% and a net margin of 6.76%. Research analysts anticipate that Mercury General Corporation will post -0.5 EPS for the current fiscal year.

Mercury General Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Wednesday, December 10th will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $1.27 annualized dividend and a yield of 1.4%. Mercury General’s dividend payout ratio is presently 16.02%.

Hedge Funds Weigh In On Mercury General

A number of hedge funds have recently modified their holdings of MCY. Aster Capital Management DIFC Ltd bought a new stake in shares of Mercury General in the third quarter worth about $34,000. Jones Financial Companies Lllp grew its position in shares of Mercury General by 236.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 457 shares of the insurance provider’s stock worth $38,000 after buying an additional 321 shares during the last quarter. Caitlin John LLC purchased a new position in shares of Mercury General during the third quarter valued at approximately $41,000. State of Wyoming purchased a new position in shares of Mercury General during the third quarter valued at approximately $72,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Mercury General during the first quarter valued at approximately $50,000. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Mercury General Company Profile

(Get Free Report)

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.

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