Mercury General (NYSE:MCY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Saturday, August 4th. The brokerage presently has a $60.00 target price on the insurance provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.59% from the company’s current price.
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, ValuEngine upgraded shares of Mercury General from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st.
Shares of Mercury General traded down $0.37, reaching $52.36, during mid-day trading on Friday, according to MarketBeat. The company had a trading volume of 120,120 shares, compared to its average volume of 305,326. The firm has a market cap of $2.92 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54. Mercury General has a fifty-two week low of $41.40 and a fifty-two week high of $60.19. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22.
Mercury General (NYSE:MCY) last announced its quarterly earnings results on Monday, July 30th. The insurance provider reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.33. The company had revenue of $871.10 million for the quarter, compared to analyst estimates of $849.56 million. Mercury General had a net margin of 2.48% and a return on equity of 5.44%. Mercury General’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $0.68 EPS. equities research analysts anticipate that Mercury General will post 2.2 earnings per share for the current year.
Several large investors have recently bought and sold shares of MCY. Mutual of America Capital Management LLC grew its position in shares of Mercury General by 3.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 31,275 shares of the insurance provider’s stock valued at $1,425,000 after buying an additional 1,081 shares during the last quarter. Swiss National Bank boosted its stake in Mercury General by 3.0% during the 1st quarter. Swiss National Bank now owns 48,200 shares of the insurance provider’s stock valued at $2,211,000 after purchasing an additional 1,400 shares during the period. AdvisorNet Financial Inc boosted its stake in Mercury General by 32.9% during the 1st quarter. AdvisorNet Financial Inc now owns 7,132 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 1,765 shares during the period. Blair William & Co. IL boosted its stake in Mercury General by 18.4% during the 1st quarter. Blair William & Co. IL now owns 12,520 shares of the insurance provider’s stock valued at $574,000 after purchasing an additional 1,950 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in Mercury General by 52.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,001 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 2,404 shares during the period. Institutional investors and hedge funds own 44.04% of the company’s stock.
About Mercury General
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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.
Read More: Earnings Per Share (EPS) Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mercury General Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercury General and related companies with MarketBeat.com's FREE daily email newsletter.