Mercury General Co. (NYSE:MCY – Get Rating) Director Joshua Eric Little bought 400 shares of the firm's stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average cost of $33.16 per share, with a total value of $13,264.00. Following the purchase, the director now directly owns 2,500 shares of the company's stock, valued at $82,900. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.
Mercury General Price Performance
NYSE:MCY opened at $33.06 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.28 and a current ratio of 0.28. The stock has a fifty day moving average of $39.94 and a 200 day moving average of $47.65. Mercury General Co. has a 52-week low of $31.29 and a 52-week high of $60.67. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -4.87 and a beta of 0.39.
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Mercury General Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend is Wednesday, September 14th. Mercury General's dividend payout ratio (DPR) is presently -37.41%.
Institutional Investors Weigh In On Mercury General
A number of hedge funds and other institutional investors have recently modified their holdings of MCY. ProShare Advisors LLC lifted its stake in shares of Mercury General by 52.9% in the 2nd quarter. ProShare Advisors LLC now owns 635,379 shares of the insurance provider's stock valued at $28,146,000 after acquiring an additional 219,844 shares during the last quarter. State Street Corp increased its holdings in Mercury General by 20.8% during the 1st quarter. State Street Corp now owns 1,274,652 shares of the insurance provider's stock valued at $70,106,000 after purchasing an additional 219,719 shares during the period. Russell Investments Group Ltd. purchased a new position in Mercury General during the 2nd quarter valued at about $6,248,000. Goldman Sachs Group Inc. increased its holdings in Mercury General by 18.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 878,028 shares of the insurance provider's stock valued at $46,588,000 after purchasing an additional 139,559 shares during the period. Finally, Invesco Ltd. increased its holdings in Mercury General by 11.2% during the 4th quarter. Invesco Ltd. now owns 1,267,213 shares of the insurance provider's stock valued at $67,238,000 after purchasing an additional 127,915 shares during the period. Institutional investors own 40.01% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, TheStreet downgraded Mercury General from a "b" rating to a "c+" rating in a research report on Friday, May 6th.
About Mercury General
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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, fire, and other hazards.
Further Reading
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