Mercury General (NYSE:MCY) Downgraded to “Buy” Rating by StockNews.com

Mercury General (NYSE:MCY) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Mercury General Stock Performance

Shares of NYSE MCY opened at $68.19 on Wednesday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.78 billion, a P/E ratio of 6.76 and a beta of 0.84. Mercury General has a 12 month low of $36.96 and a 12 month high of $80.72. The stock has a 50 day moving average of $71.90 and a 200-day moving average of $63.08.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $1.39. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, equities research analysts predict that Mercury General will post 6.35 EPS for the current year.

Insider Transactions at Mercury General

In other news, VP Heidi C. Sullivan sold 1,076 shares of Mercury General stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total transaction of $83,153.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 35.50% of the company’s stock.

Hedge Funds Weigh In On Mercury General

A number of hedge funds have recently bought and sold shares of MCY. Allworth Financial LP boosted its holdings in Mercury General by 1,190.5% in the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 500 shares during the period. CWM LLC boosted its stake in shares of Mercury General by 962.3% in the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock valued at $30,000 after buying an additional 510 shares during the period. National Bank of Canada FI acquired a new stake in Mercury General during the second quarter worth approximately $32,000. Blue Trust Inc. increased its stake in Mercury General by 8,262.5% during the 2nd quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 661 shares during the period. Finally, Quarry LP raised its holdings in Mercury General by 112.0% in the 2nd quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock valued at $65,000 after acquiring an additional 642 shares in the last quarter. 42.39% of the stock is owned by institutional investors.

Mercury General Company Profile

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.