Rhumbline Advisers Sells 896 Shares of Mercury General Co. (NYSE:MCY)

Rhumbline Advisers lessened its stake in shares of Mercury General Co. (NYSE:MCY) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 84,255 shares of the insurance provider’s stock after selling 896 shares during the quarter. Rhumbline Advisers owned about 0.15% of Mercury General worth $4,477,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Mercury General by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 3,256,765 shares of the insurance provider’s stock worth $168,049,000 after purchasing an additional 48,508 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Mercury General by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,893,881 shares of the insurance provider’s stock valued at $70,662,000 after purchasing an additional 79,659 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Mercury General by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 504,744 shares of the insurance provider’s stock worth $18,832,000 after buying an additional 14,688 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Mercury General by 3.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 310,333 shares of the insurance provider’s stock worth $16,491,000 after buying an additional 11,242 shares during the period. Finally, Hennessy Advisors Inc. acquired a new position in Mercury General in the 2nd quarter valued at $8,492,000. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Performance

Shares of MCY opened at $58.41 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31. Mercury General Co. has a one year low of $27.27 and a one year high of $67.11. The company’s fifty day moving average price is $59.58 and its 200 day moving average price is $55.17. The company has a market capitalization of $3.23 billion, a PE ratio of 15.02 and a beta of 0.81.

Mercury General (NYSE:MCY) last posted its quarterly earnings data on Tuesday, July 30th. The insurance provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.29. Mercury General had a return on equity of 14.91% and a net margin of 6.36%. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company posted ($0.47) earnings per share. As a group, analysts expect that Mercury General Co. will post 4 earnings per share for the current year.

Mercury General Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be issued a $0.3175 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.27 annualized dividend and a yield of 2.17%. Mercury General’s dividend payout ratio (DPR) is 32.65%.

Mercury General 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.