Mercury General (NYSE:MCY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday. The firm currently has a $60.00 target price on the insurance provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.75% from the company’s previous close.
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Separately, TheStreet lowered Mercury General from a “b” rating to a “c+” rating in a research report on Monday, October 30th.
Shares of Mercury General (NYSE MCY) traded up $0.74 on Thursday, hitting $53.69. The company’s stock had a trading volume of 223,400 shares, compared to its average volume of 185,744. Mercury General has a one year low of $51.58 and a one year high of $64.52. The firm has a market cap of $2,970.78, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 0.62 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.46 and a current ratio of 0.46.
Mercury General (NYSE:MCY) last announced its earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.18. Mercury General had a return on equity of 6.47% and a net margin of 3.00%. The company had revenue of $827.42 million for the quarter, compared to analyst estimates of $835.00 million. During the same period in the prior year, the company posted $0.67 EPS. Mercury General’s quarterly revenue was up 2.4% on a year-over-year basis. analysts anticipate that Mercury General will post 1.88 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the stock. Massey Quick Simon & CO. LLC acquired a new stake in shares of Mercury General during the 3rd quarter valued at approximately $108,000. Pacer Advisors Inc. raised its position in shares of Mercury General by 2.9% during the 2nd 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 in the last quarter. Flinton Capital Management LLC raised its position in shares of Mercury General by 55.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,604 shares of the insurance provider’s stock valued at $195,000 after acquiring an additional 1,292 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Mercury General by 57.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 1,330 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Mercury General during the 3rd quarter valued at approximately $206,000. 46.04% of the stock is currently owned by institutional investors and hedge funds.
Mercury General Company Profile
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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