Point72 Asset Management L.P. Invests $13.07 Million in Mercury General Co. (NYSE:MCY)

Point72 Asset Management L.P. acquired a new position in Mercury General Co. (NYSE:MCY) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 207,500 shares of the insurance provider’s stock, valued at approximately $13,068,000. Point72 Asset Management L.P. owned 0.37% of Mercury General at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC lifted its position in Mercury General by 962.3% during the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after buying an additional 510 shares in the last quarter. National Bank of Canada FI purchased a new stake in Mercury General during the 2nd quarter worth $32,000. Allworth Financial LP increased its holdings in Mercury General by 1,190.5% in the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Blue Trust Inc. raised its position in Mercury General by 8,262.5% in the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 661 shares during the period. Finally, FSC Wealth Advisors LLC purchased a new position in Mercury General in the second quarter valued at about $64,000. 42.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Mercury General from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 28th.

Insider Buying and Selling at Mercury General

In related news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 35.50% of the stock is currently owned by corporate insiders.

Mercury General Trading Down 1.6 %

NYSE MCY opened at $76.37 on Friday. The stock has a market cap of $4.23 billion, a P/E ratio of 7.57 and a beta of 0.84. The company’s fifty day simple moving average is $70.53 and its 200-day simple moving average is $62.18. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. Mercury General Co. has a 52 week low of $36.96 and a 52 week high of $80.72.

Mercury General (NYSE:MCY) last issued 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 net margin of 10.18% and a return on equity of 18.04%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business posted $1.14 EPS. Equities research analysts predict that Mercury General Co. will post 6.35 EPS for the current fiscal year.

Mercury General Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a dividend of $0.317 per share. The ex-dividend date is Thursday, December 12th. This represents a $1.27 annualized dividend and a yield of 1.66%. Mercury General’s dividend payout ratio is presently 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.