Mercury General (NYSE:MCY) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Mercury General (NYSE:MCY) from a buy rating to a hold rating in a research note issued to investors on Wednesday, January 3rd.
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 downgraded Mercury General from a b rating to a c+ rating in a research report on Monday, October 30th.
Mercury General (NYSE:MCY) last announced its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.18. The firm had revenue of $827.42 million for the quarter, compared to the consensus estimate of $835.00 million. Mercury General had a return on equity of 6.47% and a net margin of 3.00%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.67 earnings per share. research analysts anticipate that Mercury General will post 1.82 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Cigna Investments Inc. New bought a new stake in shares of Mercury General in the fourth quarter valued at approximately $262,000. SG Americas Securities LLC boosted its stake in shares of Mercury General by 677.5% in the fourth quarter. SG Americas Securities LLC now owns 14,461 shares of the insurance provider’s stock valued at $773,000 after buying an additional 12,601 shares during the period. First Quadrant L P CA boosted its stake in shares of Mercury General by 5,863.4% in the fourth quarter. First Quadrant L P CA now owns 6,023 shares of the insurance provider’s stock valued at $322,000 after buying an additional 5,922 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Mercury General by 51.3% in the fourth quarter. State of Alaska Department of Revenue now owns 4,720 shares of the insurance provider’s stock valued at $251,000 after buying an additional 1,600 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Mercury General by 3.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 260,975 shares of the insurance provider’s stock valued at $13,947,000 after buying an additional 7,811 shares during the period. 46.06% of the stock is currently owned by institutional investors.
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About Mercury General
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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