Westwood Holdings Group Inc. trimmed its holdings in Mercury General Co. (NYSE:MCY) by 20.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 773,620 shares of the insurance provider’s stock after selling 200,820 shares during the period. Westwood Holdings Group Inc. owned about 1.40% of Mercury General worth $48,347,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. raised its position in shares of Mercury General by 0.6% in the 2nd quarter. BlackRock Inc. now owns 2,432,470 shares of the insurance provider’s stock valued at $152,029,000 after purchasing an additional 14,356 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Mercury General by 13.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,719,800 shares of the insurance provider’s stock valued at $107,488,000 after purchasing an additional 202,500 shares in the last quarter. Invesco Ltd. raised its position in shares of Mercury General by 7.9% in the 2nd quarter. Invesco Ltd. now owns 1,649,262 shares of the insurance provider’s stock valued at $103,079,000 after purchasing an additional 121,421 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Mercury General in the 1st quarter valued at approximately $43,981,000. Finally, Bank of New York Mellon Corp raised its position in shares of Mercury General by 6.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 403,066 shares of the insurance provider’s stock valued at $25,191,000 after purchasing an additional 22,897 shares in the last quarter. 43.31% of the stock is currently owned by institutional investors.

Shares of MCY stock traded up $0.26 on Friday, hitting $55.23. 4,907 shares of the stock traded hands, compared to its average volume of 169,340. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market capitalization of $3.08 billion, a PE ratio of 30.68, a PEG ratio of 0.46 and a beta of 0.26. Mercury General Co. has a 1-year low of $47.96 and a 1-year high of $65.22. The company’s fifty day moving average is $54.28 and its 200 day moving average is $55.83.

Mercury General (NYSE:MCY) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.17). The firm had revenue of $936.10 million for the quarter, compared to analyst estimates of $922.34 million. Mercury General had a net margin of 5.28% and a return on equity of 7.97%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. As a group, equities research analysts expect that Mercury General Co. will post 3.19 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be given a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.54%. The ex-dividend date of this dividend is Wednesday, September 11th. Mercury General’s dividend payout ratio is currently 139.44%.

Several research firms recently issued reports on MCY. ValuEngine lowered Mercury General from a “buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Zacks Investment Research lowered Mercury General from a “buy” rating to a “hold” rating in a research report on Friday, July 26th.

About Mercury General

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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners' insurance products cover dwelling, liability, personal property, fire, and other hazards.

Further Reading: Equal Weight Rating

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

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