Citigroup Inc. Cuts Stake in Mercury General Corporation (MCY)

Citigroup Inc. lessened its position in shares of Mercury General Corporation (NYSE:MCY) by 50.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,914 shares of the insurance provider’s stock after selling 6,942 shares during the quarter. Citigroup Inc.’s holdings in Mercury General Corporation were worth $373,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE lifted its stake in shares of Mercury General Corporation by 1.4% during the second quarter. US Bancorp DE now owns 5,850 shares of the insurance provider’s stock valued at $316,000 after acquiring an additional 81 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Mercury General Corporation by 2.9% during the second quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock valued at $179,000 after acquiring an additional 92 shares during the period. Amalgamated Bank lifted its stake in shares of Mercury General Corporation by 2.8% during the first quarter. Amalgamated Bank now owns 4,451 shares of the insurance provider’s stock valued at $271,000 after acquiring an additional 121 shares during the period. Advantus Capital Management Inc lifted its stake in shares of Mercury General Corporation by 3.1% during the first quarter. Advantus Capital Management Inc now owns 4,672 shares of the insurance provider’s stock valued at $285,000 after acquiring an additional 139 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. lifted its stake in shares of Mercury General Corporation by 1.2% during the first quarter. Liberty Mutual Group Asset Management Inc. now owns 16,267 shares of the insurance provider’s stock valued at $992,000 after acquiring an additional 198 shares during the period. 46.98% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Corporation (NYSE MCY) opened at 56.35 on Tuesday. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 39.41 and a beta of 0.50. Mercury General Corporation has a 52 week low of $50.32 and a 52 week high of $64.52. The stock’s 50 day moving average price is $56.72 and its 200 day moving average price is $56.71.

Mercury General Corporation (NYSE:MCY) last announced its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.50 by $0.18. The business had revenue of $852.80 million for the quarter, compared to analysts’ expectations of $815.85 million. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. On average, equities research analysts predict that Mercury General Corporation will post $1.78 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th were paid a $0.6225 dividend. This represents a $2.49 annualized dividend and a yield of 4.42%. The ex-dividend date was Wednesday, September 13th. Mercury General Corporation’s payout ratio is currently 172.92%.

In other news, CEO Gabriel Tirador sold 2,355 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the sale, the chief executive officer now directly owns 36,239 shares in the company, valued at approximately $2,138,101. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 34.30% of the stock is owned by insiders.

COPYRIGHT VIOLATION WARNING: “Citigroup Inc. Cuts Stake in Mercury General Corporation (MCY)” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this report on another domain, it was illegally copied and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://ledgergazette.com/2017/10/17/citigroup-inc-cuts-stake-in-mercury-general-corporation-mcy.html.

MCY has been the topic of several research reports. BidaskC

Several other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE lifted its stake in shares of Mercury General Corporation by 1.4% during the second quarter. US Bancorp DE now owns 5,850 shares of the insurance provider’s stock valued at $316,000 after acquiring an additional 81 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Mercury General Corporation by 2.9% during the second quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock valued at $179,000 after acquiring an additional 92 shares during the period. Amalgamated Bank lifted its stake in shares of Mercury General Corporation by 2.8% during the first quarter. Amalgamated Bank now owns 4,451 shares of the insurance provider’s stock valued at $271,000 after acquiring an additional 121 shares during the period. Advantus Capital Management Inc lifted its stake in shares of Mercury General Corporation by 3.1% during the first quarter. Advantus Capital Management Inc now owns 4,672 shares of the insurance provider’s stock valued at $285,000 after acquiring an additional 139 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. lifted its stake in shares of Mercury General Corporation by 1.2% during the first quarter. Liberty Mutual Group Asset Management Inc. now owns 16,267 shares of the insurance provider’s stock valued at $992,000 after acquiring an additional 198 shares during the period. 46.98% of the stock is currently owned by institutional investors and hedge funds.

Mercury General Corporation (NYSE MCY) opened at 56.35 on Tuesday. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 39.41 and a beta of 0.50. Mercury General Corporation has a 52 week low of $50.32 and a 52 week high of $64.52. The stock’s 50 day moving average price is $56.72 and its 200 day moving average price is $56.71.

Mercury General Corporation (NYSE:MCY) last announced its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.50 by $0.18. The business had revenue of $852.80 million for the quarter, compared to analysts’ expectations of $815.85 million. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. On average, equities research analysts predict that Mercury General Corporation will post $1.78 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th were paid a $0.6225 dividend. This represents a $2.49 annualized dividend and a yield of 4.42%. The ex-dividend date was Wednesday, September 13th. Mercury General Corporation’s payout ratio is currently 172.92%.

In other news, CEO Gabriel Tirador sold 2,355 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $59.00, for a total transaction of $138,945.00. Following the sale, the chief executive officer now directly owns 36,239 shares in the company, valued at approximately $2,138,101. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 34.30% of the stock is owned by insiders.

COPYRIGHT VIOLATION WARNING: “Citigroup Inc. Cuts Stake in Mercury General Corporation (MCY)” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this report on another domain, it was illegally copied and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://ledgergazette.com/2017/10/17/citigroup-inc-cuts-stake-in-mercury-general-corporation-mcy.html.

MCY has been the topic of several research reports. BidaskClub raised Mercury General Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised Mercury General Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target on the stock in a research note on Wednesday, August 2nd.

About Mercury General Corporation

Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.

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

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