Zacks: Mercury General Co. (MCY) Given $52.00 Average Target Price by Analysts
Shares of Mercury General Co. (NYSE:MCY) have received a consensus broker rating score of 3.50 (Sell) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a sell rating and one has assigned a hold rating to the company.
Brokers have set a 1 year consensus price objective of $52.00 for the company and are expecting that the company will post $0.39 earnings per share for the current quarter, according to Zacks. Zacks has also given Mercury General an industry rank of 78 out of 265 based on the ratings given to related companies.
Several equities research analysts have commented on the company. TheStreet lowered Mercury General from a “b” rating to a “c+” rating in a research note on Monday, October 30th. Zacks Investment Research lowered Mercury General from a “buy” rating to a “sell” rating in a research note on Wednesday, October 4th.
Mercury General (NYSE:MCY) last posted its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.18. Mercury General had a return on equity of 6.47% and a net margin of 3.00%. The company had revenue of $827.42 million during the quarter, compared to analyst estimates of $835.00 million. During the same period in the previous year, the business earned $0.67 EPS. Mercury General’s quarterly revenue was up 2.4% on a year-over-year basis. analysts anticipate that Mercury General will post 1.88 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be given a $0.625 dividend. The ex-dividend date is Wednesday, December 13th. This is a positive change from Mercury General’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.73%. Mercury General’s dividend payout ratio is 139.67%.
Hedge funds have recently bought and sold shares of the company. Massey Quick Simon & CO. LLC purchased a new stake in shares of Mercury General in the third quarter valued at approximately $108,000. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Mercury General in the second quarter valued at approximately $166,000. Pacer Advisors Inc. grew its position in shares of Mercury General by 2.9% in the second quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock valued at $179,000 after purchasing an additional 92 shares in the last quarter. Flinton Capital Management LLC grew its position in shares of Mercury General by 55.9% in the second quarter. Flinton Capital Management LLC now owns 3,604 shares of the insurance provider’s stock valued at $195,000 after purchasing an additional 1,292 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its position in shares of Mercury General by 57.8% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 1,330 shares in the last quarter. Institutional investors and hedge funds own 46.04% of the company’s stock.
About Mercury General
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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