The most recent filing that the State of Alaska Department of Revenue made with the Securities and Exchange Commission revealed that during the third quarter, the department’s holdings in Mercury General Co. (NYSE: MCY) increased by 378.2%. This information is available in the filing, which you can view (SEC). Following the completion of the period, the company had 18,388 shares of the insurance provider’s stock in its possession. This was accomplished through the purchase of an additional 14,543 shares of stock throughout the period. At the end of the most recent reporting period, the Department of Revenue for the State of Alaska invested 522 thousand dollars in Mercury General.
Recent events have resulted in several other hedge funds reducing or increasing the size of their positions in the stock. During the first three months of 2018, Vanguard Group Inc. increased the amount of Mercury General stock owned by 1.1%, bringing its total ownership percentage to 100%. After making additional purchases of 28,478 shares during the relevant period, Vanguard Group Inc. now holds a total of 2,650,133 shares of the insurance provider’s stock, which have a combined value of $145,758,000. This brings the total number of shares the company owns to 2,650,133. In addition, during the first three months of 2018, BlackRock Inc. increased the amount of Mercury General stock owned by 5.3%, bringing its total ownership percentage to 100%. BlackRock Inc. is the owner of 2,534,551 shares of the insurance provider’s stock, collectively worth $139,401,000. This is a result of the purchase of an additional 126,512 shares during the most recent financial quarter. In the first three months of the year, Dimensional Fund Advisors LP made a 0.7% increase in the amount of Mercury General stock it owned, bringing its total percentage of ownership to 100%. Dimensional Fund Advisors LP is now the owner of 1,449,200 shares the insurance provider holds after acquiring 10,457 additional shares during the most recent quarter. There is a value of $79,708,000 attached to these shares. During the second quarter, State Street Corporation completed an increase of 10.9% in the proportion of Mercury General stock that it owned. Following the acquisition of an additional 138,784 shares during the most recent quarter, State Street Corp. now possesses a total of 1,413,436 shares of the insurance provider’s stock, which has a market value of $62,615,000. Finally, during the second quarter, Renaissance Technologies LLC added 3.1% more stock in Mercury General to its holdings, bringing the total percentage of that company’s stock it owned to 100%. Renaissance Technologies LLC now owns 1,401,600 shares of the insurance provider’s stock, which has a market value of $62,091,000 after purchasing an additional 42,200 shares during the most recent quarter. Institutional investors hold 42.54 percent of the company’s shares as ownership stakes.
Investors now have access to MCY data from various brokerages, which only recently became possible. Raymond James increased their recommendation for Mercury General’s stock from “underperform” to “strong buy” and set their price objective for the stock at $45.00 in a research report that was made public on November 4th. On October 12th, StockNews.com broke new ground in the discussion of Mercury General by publishing a research note that was the first of its kind. This note was a pioneering effort in the field. They advised their clients to “hold” the stock moving forward.
On Friday, the NYSE MCY opened for trading with an opening price of $35.28. There is no discernible difference between the debt-to-equity ratio, the current ratio, and the quick ratio when all three are equal to 0.27. During the past year, Mercury General Co.’s share price fluctuated between $27.89 and $56.21, with a low point of $27.89 and a high point of $56.21. The company’s market capitalization is currently at $1.95 billion, its price-to-earnings ratio is negative at 4.11, and its beta value is 0.56. The company’s moving average price over the past 200 days is $35.12, and the company’s moving average price over the last fifty days is $35.44.
On November 1st, the most recent quarterly earnings report for Mercury General, which is traded on the NYSE under the symbol MCY, was made public. The insurance company reported a quarterly profit of $0.28 per share, which was $0.83 more than the consensus estimate of $0.55, which was a loss. The estimate had been negative. The net margin Mercury General reported was negative by 13.43%, and the return on equity it reported was also negative by 3.28%. The company’s revenue for the quarter came in at $1.04 billion, a significant decrease from the average prediction of $1.05 billion for the quarter’s revenue. Sell-side analysts forecast Mercury General Co. will report a loss of 1.15 cents per share in earnings for the current financial year.
A quarterly dividend was just recently declared and distributed by the company, and it was distributed on December 29th. In addition, the company just recently announced and distributed a dividend. On December 15th, dividend payments to stockholders recorded as having company shares were made. The amount of the dividend payment was $0.3175 per share. This translates to a yield of 3.60 percent and an annual dividend payment of 1.27 dollars. The dividend payment was made on Wednesday, December 14th, the month of December, and the day of the week. The payout ratio for Mercury General has recently reached a value that is in the negative, specifically -14.78%.
The Mercury General Corporation and its affiliated companies provide individual citizens of the United States with automobile insurance coverage. In addition to that, this company offers mechanical protection, homeowner insurance, commercial vehicle insurance, commercial property insurance, umbrella insurance, and commercial vehicle insurance. Its auto insurance products offer protection against collision, property damage, bodily injury, comprehensive damage, personal injury protection, underinsured and uninsured driver coverage, and others. Its homeowner’s insurance products protect against various dangers, including fire, liability, theft, and personal property loss.