MML Investors Services LLC Buys New Shares in Mercury General Co. (NYSE:MCY)

MML Investors Services LLC purchased a new position in shares of Mercury General Co. (NYSE:MCY) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,219 shares of the insurance provider’s stock, valued at approximately $266,000.

Other large investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its holdings 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 purchasing an additional 200 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 worth $832,000 after buying an additional 396 shares during the last quarter. Empowered Funds LLC lifted its stake in Mercury General by 4.6% during the 3rd quarter. Empowered Funds LLC now owns 10,287 shares of the insurance provider’s stock valued at $648,000 after acquiring an additional 454 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Mercury General by 1.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,882 shares of the insurance provider’s stock valued at $3,016,000 after acquiring an additional 481 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Mercury General by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 1,151 shares of the insurance provider’s stock worth $72,000 after purchasing an additional 482 shares during the period. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Mercury General from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 18th.

Insider Buying and Selling

In related 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 35.50% of the stock is owned by insiders.

Mercury General Stock Performance

NYSE MCY opened at $68.84 on Thursday. 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 Co. has a 1-year low of $36.96 and a 1-year high of $80.72. The company has a market cap of $3.81 billion, a PE ratio of 6.82 and a beta of 0.84. The stock’s 50 day simple moving average is $72.08 and its 200-day simple moving average is $63.51.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the business posted $1.14 earnings per share. As a group, equities research analysts anticipate that Mercury General Co. will post 6.35 EPS for the current fiscal year.

Mercury General Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be given a $0.317 dividend. This represents a $1.27 annualized dividend and a yield of 1.84%. The ex-dividend date is Thursday, December 12th. Mercury General’s dividend payout ratio is currently 12.59%.

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.