ING Groep NV bought a new stake in Mercury General Corporation (NYSE:MCY) during the second quarter, Holdings Channel reports. The firm bought 4,441 shares of the insurance provider’s stock, valued at approximately $240,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCY. BlackRock Inc. raised its position in Mercury General Corporation by 14,206.4% in the first quarter. BlackRock Inc. now owns 6,820,006 shares of the insurance provider’s stock valued at $415,954,000 after buying an additional 6,772,335 shares in the last quarter. Vanguard Group Inc. raised its position in Mercury General Corporation by 5.2% in the first quarter. Vanguard Group Inc. now owns 2,465,753 shares of the insurance provider’s stock valued at $150,386,000 after buying an additional 120,934 shares in the last quarter. State Street Corp raised its stake in shares of Mercury General Corporation by 10.0% in the first quarter. State Street Corp now owns 2,454,423 shares of the insurance provider’s stock worth $149,695,000 after buying an additional 222,388 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Mercury General Corporation by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,237,486 shares of the insurance provider’s stock worth $75,474,000 after buying an additional 29,223 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Mercury General Corporation by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 457,378 shares of the insurance provider’s stock worth $27,896,000 after buying an additional 20,636 shares during the period. Hedge funds and other institutional investors own 46.42% of the company’s stock.

Shares of Mercury General Corporation (NYSE MCY) traded down 0.27% during mid-day trading on Friday, hitting $58.10. The stock had a trading volume of 175,340 shares. The company has a market cap of $3.21 billion, a P/E ratio of 40.63 and a beta of 0.50. Mercury General Corporation has a 1-year low of $50.32 and a 1-year high of $64.52. The firm’s 50 day moving average price is $55.63 and its 200 day moving average price is $57.55.

Mercury General Corporation (NYSE:MCY) last issued its earnings results on Monday, July 31st. The insurance provider reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.18. The company had revenue of $852.80 million during the quarter, compared to the consensus estimate of $815.85 million. Mercury General Corporation had a return on equity of 6.66% and a net margin of 2.45%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the business posted $0.88 EPS. Analysts predict that Mercury General Corporation will post $1.97 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be paid a $0.6225 dividend. The ex-dividend date of this dividend is Wednesday, September 13th. This represents a $2.49 annualized dividend and a dividend yield of 4.29%. Mercury General Corporation’s dividend payout ratio is presently 172.92%.

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A number of analysts have recently commented on MCY shares. BidaskClub upgraded Mercury General Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Zacks Investment Research upgraded Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target on the stock in a report on Wednesday, August 2nd.

In other news, CEO Gabriel Tirador sold 2,355 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $59.00, for a total value of $138,945.00. Following the completion of the sale, the chief executive officer now directly owns 36,239 shares in the company, valued at approximately $2,138,101. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Randall R. Petro sold 1,672 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $55.52, for a total value of $92,829.44. The disclosure for this sale can be found here. Company insiders own 34.30% of the company’s stock.

Mercury General Corporation Company Profile

Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.

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Institutional Ownership by Quarter for Mercury General Corporation (NYSE:MCY)

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