Sterling Capital Management LLC Makes New $2.50 Million Investment in Mercury General Co. (NYSE:MCY)

Sterling Capital Management LLC acquired a new position in shares of Mercury General Co. (NYSE:MCY) in the 2nd quarter, HoldingsChannel reports. The fund acquired 40,020 shares of the insurance provider’s stock, valued at approximately $2,501,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Arizona State Retirement System grew its stake in Mercury General by 1.1% during the second quarter. Arizona State Retirement System now owns 19,686 shares of the insurance provider’s stock worth $1,230,000 after buying an additional 215 shares during the period. Mason Street Advisors LLC grew its stake in Mercury General by 1.5% during the first quarter. Mason Street Advisors LLC now owns 14,420 shares of the insurance provider’s stock worth $722,000 after buying an additional 216 shares during the period. Aperio Group LLC grew its stake in Mercury General by 1.2% during the second quarter. Aperio Group LLC now owns 24,006 shares of the insurance provider’s stock worth $1,500,000 after buying an additional 290 shares during the period. New York State Teachers Retirement System grew its stake in Mercury General by 0.5% during the second quarter. New York State Teachers Retirement System now owns 60,234 shares of the insurance provider’s stock worth $3,765,000 after buying an additional 300 shares during the period. Finally, Krane Funds Advisors LLC purchased a new stake in Mercury General during the second quarter worth approximately $26,000. Institutional investors own 43.31% of the company’s stock.

Shares of NYSE MCY traded down $0.38 during trading on Thursday, reaching $55.31. 86,792 shares of the stock were exchanged, compared to its average volume of 172,279. The business’s 50-day moving average price is $54.32 and its 200 day moving average price is $55.82. Mercury General Co. has a twelve month low of $47.96 and a twelve month high of $65.22. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 0.46 and a beta of 0.26.



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

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

MCY has been the subject of several research reports. ValuEngine downgraded shares of Mercury General from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Zacks Investment Research downgraded shares of Mercury General from a “buy” rating to a “hold” rating in a research note on Friday, July 26th.

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, 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.

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

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