Mercury General (NYSE:MCY) Downgraded by StockNews.com

Mercury General (NYSE:MCY) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Friday.

Mercury General Stock Down 1.7 %

Shares of NYSE MCY opened at $54.27 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.42. Mercury General has a 52 week low of $26.15 and a 52 week high of $57.12. The firm has a 50-day moving average price of $50.23 and a 200 day moving average price of $41.50. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 31.19 and a beta of 0.80.

Mercury General (NYSE:MCY) last announced its quarterly earnings data on Tuesday, February 13th. The insurance provider reported $1.15 EPS for the quarter, beating the consensus estimate of $0.05 by $1.10. Mercury General had a net margin of 2.08% and a return on equity of 1.17%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Equities research analysts anticipate that Mercury General will post 2.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Mercury General

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCY. Larson Financial Group LLC acquired a new position in Mercury General during the third quarter worth about $25,000. Gradient Investments LLC acquired a new position in Mercury General during the third quarter worth about $38,000. Global Retirement Partners LLC raised its position in Mercury General by 5,212.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,700 shares of the insurance provider’s stock worth $67,000 after acquiring an additional 1,668 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Mercury General during the third quarter worth about $86,000. Finally, Teacher Retirement System of Texas raised its position in Mercury General by 5.9% during the third quarter. Teacher Retirement System of Texas now owns 7,487 shares of the insurance provider’s stock worth $210,000 after acquiring an additional 416 shares during the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

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, 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.