Amalgamated Bank Sells 233 Shares of Mercury General Co. (NYSE:MCY)

Amalgamated Bank reduced its holdings in Mercury General Co. (NYSE:MCY) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,882 shares of the insurance provider’s stock after selling 233 shares during the quarter. Amalgamated Bank’s holdings in Mercury General were worth $496,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. CWM LLC boosted its stake in Mercury General by 962.3% during the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 510 shares in the last quarter. National Bank of Canada FI bought a new position in shares of Mercury General during the 2nd quarter worth about $32,000. Allworth Financial LP increased its position 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 buying an additional 500 shares in the last quarter. Blue Trust Inc. raised 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 buying an additional 661 shares during the period. Finally, FSC Wealth Advisors LLC bought a new position in Mercury General in the second quarter worth approximately $64,000. 42.39% of the stock is currently owned by institutional investors.

Mercury General Trading Down 0.5 %

NYSE MCY opened at $73.00 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. Mercury General Co. has a 52 week low of $35.62 and a 52 week high of $76.47. The business has a 50 day moving average price of $65.65 and a 200-day moving average price of $60.11. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 7.23 and a beta of 0.81.

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

Mercury General Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Thursday, December 12th will be issued a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Thursday, December 12th. Mercury General’s dividend payout ratio is currently 12.59%.

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, 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.