Tower Research Capital LLC TRC increased its stake in Mercury General Co. (NYSE:MCY – Get Rating) stock by 30.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The company owned 16,237 shares of the insurance provider after purchasing an additional 3,802 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Mercury General were valued at $462,000 at the time of the last SEC filing.
A number of other institutional investors have also increased or reduced their holdings in the share. Speece Thorson Capital Group Inc. acquired a new interest in Mercury General stock valued at approximately $7,581,000 during the third quarter. Absher Wealth Management LLC increased its stake in Mercury General by 44.7% in the third quarter. Absher Wealth Management LLC now owns 797,819 shares of the insurance provider, valued at $22,674,000, having purchased an additional 246,355 shares during the period. State Street Corp increased its stake in Mercury General by 20.8% in the first quarter. State Street Corp now owns 1,274,652 shares of the insurance provider worth $70,106,000 after purchasing an additional 219,719 shares last quarter. BlackRock Inc. increased its position in Mercury General shares by 5.3% in the first quarter. BlackRock Inc. now owns 2,534,551 shares of the insurance provider worth $139,401,000 after purchasing an additional 126,512 shares last quarter. Finally, Northern Trust Corp increased its ownership of Mercury General stock by 57.0% during the second quarter. Northern Trust Corp now owns 339,675 shares of the insurance provider, valued at $15,048,000, after purchasing an additional 123,382 shares during the period. Hedge funds and other institutional investors own 42.54% of the company’s shares.
Changes in analyst ratings
Several equities analysts have recently commented on MCY stocks. Raymond James upgraded Mercury General to a strong buy rating from an underperform rating and put the company’s price target at $45.00 in a research report on Friday, November 4. TheStreet upgraded shares of Mercury General from a “d+” rating to a “c-” rating in a research report on Wednesday.
Mercury General Stock down 2.0%
NYSE:MCY shares opened at $34.59 on Friday. The company has a market cap of $1.92 billion, a P/E of -3.74 and a beta of 0.60. The company has a debt to equity ratio of 0.26, a quick ratio of 0.25 and a current ratio of 0.25. Mercury General Co. has a 52-week low of $27.89 and a 52-week high of $56.21. The company has a 50-day moving average of $35.47 and a 200-day moving average of $33.86.
Mercury General cuts dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 29th. Stockholders of record on Wednesday, March 15 will receive a dividend of $0.317 per share. The ex-dividend date is Tuesday March 14th. That equates to an annualized dividend of $1.27 and a dividend yield of 3.67%. Mercury General’s Dividend Payout Ratio (DPR) is currently -13.71%.
Mercury General Company Profile (Get Rating)
Mercury General Corp. works as a broker and insurance agent for motor vehicle insurance. The Company is engaged in underwriting personal vehicle insurance and offers related property and casualty insurance products to its customers. Insurance products include personal automobiles and related insurance products such as homeowners, commercial automobiles, and commercial property.
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