Cornercap Investment Counsel Inc. Sells 5,626 Shares of Mercury General Co. (NYSE:MCY)

Cornercap Investment Counsel Inc. reduced its holdings in shares of Mercury General Co. (NYSE:MCY) by 52.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 5,118 shares of the insurance provider’s stock after selling 5,626 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Mercury General were worth $322,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. CWM LLC increased its stake in shares of Mercury General by 962.3% in 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 during the period. National Bank of Canada FI acquired a new stake in Mercury General during the second quarter worth approximately $32,000. Allworth Financial LP grew its stake in Mercury General by 1,190.5% during the third quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 500 shares during the period. Blue Trust Inc. grew its stake in Mercury General by 8,262.5% during the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 661 shares during the period. Finally, FSC Wealth Advisors LLC acquired a new stake in Mercury General during the second quarter worth approximately $64,000. 42.39% of the stock is currently owned by institutional investors.

Mercury General Stock Down 0.5 %

Shares of NYSE:MCY opened at $73.00 on Monday. The business’s 50 day simple moving average is $65.65 and its two-hundred day simple moving average is $60.15. The firm has a market cap of $4.04 billion, a P/E ratio of 7.23 and a beta of 0.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33. Mercury General Co. has a 52-week low of $35.62 and a 52-week high of $76.47.

Mercury General (NYSE:MCY) last issued its quarterly earnings results 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 return on equity of 18.04% and a net margin of 10.18%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company posted $1.14 earnings per share. As a group, research analysts forecast that Mercury General Co. will post 6.35 EPS for the current fiscal year.

Mercury General Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be given a $0.317 dividend. This represents a $1.27 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, December 12th. Mercury General’s dividend payout ratio (DPR) is presently 12.59%.

Mercury General Company 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.