Mercury General Co. (NYSE:MCY) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its holdings in Mercury General Co. (NYSE:MCY) by 6.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,312 shares of the insurance provider’s stock after buying an additional 1,024 shares during the period. Franklin Resources Inc.’s holdings in Mercury General were worth $1,139,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCY. National Bank of Canada FI acquired a new stake in shares of Mercury General in the second quarter worth approximately $32,000. Allworth Financial LP boosted its holdings in shares of 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 last quarter. Quarry LP boosted its holdings in shares of 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 purchasing an additional 642 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Mercury General by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 1,151 shares of the insurance provider’s stock valued at $72,000 after buying an additional 482 shares during the period. Finally, CWM LLC raised its position in shares of Mercury General by 115.8% in the 3rd quarter. CWM LLC now owns 1,215 shares of the insurance provider’s stock worth $77,000 after buying an additional 652 shares during the period. Hedge funds and other institutional investors own 42.39% of the company’s stock.

Insider Activity

In other news, VP Heidi C. Sullivan sold 1,076 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $77.28, for a total value of $83,153.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 35.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Mercury General from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Mercury General Stock Down 2.3 %

MCY opened at $66.98 on Friday. The company has a market cap of $3.71 billion, a PE ratio of 6.64 and a beta of 0.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.33 and a current ratio of 0.33. Mercury General Co. has a 1 year low of $36.96 and a 1 year high of $80.72. The firm has a 50 day moving average price of $72.08 and a 200 day moving average price of $63.64.

Mercury General (NYSE:MCY) last issued its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $1.39. Mercury General had a net margin of 10.18% and a return on equity of 18.04%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the firm posted $1.14 EPS. Sell-side analysts expect that Mercury General Co. will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th were paid a $0.317 dividend. The ex-dividend date of this dividend was Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.89%. Mercury General’s dividend payout ratio (DPR) is currently 12.59%.

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.