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

Mercury General (NYSE:MCY) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Wednesday.

Mercury General Stock Performance

Shares of MCY stock traded down $1.34 during midday trading on Wednesday, hitting $52.03. 273,112 shares of the company were exchanged, compared to its average volume of 210,865. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $2.88 billion, a P/E ratio of 29.90 and a beta of 0.80. Mercury General has a 52 week low of $26.15 and a 52 week high of $54.59. The firm’s 50 day moving average price is $48.84 and its two-hundred day moving average price is $40.57.

Mercury General (NYSE:MCY) last posted its quarterly earnings data on Tuesday, February 13th. The insurance provider reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $1.10. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.16 billion. Mercury General had a net margin of 2.08% and a return on equity of 1.17%. As a group, equities research analysts anticipate that Mercury General will post 2.9 earnings per share for the current year.

Hedge Funds Weigh In On Mercury General

A number of institutional investors have recently added to or reduced their stakes in MCY. Counterpoint Mutual Funds LLC acquired a new stake in shares of Mercury General during the first quarter worth $533,000. Range Financial Group LLC acquired a new position in shares of Mercury General during the first quarter valued at about $666,000. Capital CS Group LLC acquired a new position in shares of Mercury General during the first quarter valued at about $681,000. Los Angeles Capital Management LLC acquired a new position in shares of Mercury General during the first quarter valued at about $259,000. Finally, Quadrature Capital Ltd grew its holdings in shares of Mercury General by 20.8% during the fourth quarter. Quadrature Capital Ltd now owns 9,710 shares of the insurance provider’s stock valued at $362,000 after buying an additional 1,670 shares during the last quarter. 42.39% of the stock is currently owned by institutional investors and hedge funds.

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.