Short Interest in Mercury General Co. (NYSE:MCY) Expands By 29.5%

Mercury General Co. (NYSE:MCY) saw a significant growth in short interest in December. As of December 15th, there was short interest totalling 1,040,000 shares, a growth of 29.5% from the November 30th total of 803,000 shares. Based on an average trading volume of 261,300 shares, the days-to-cover ratio is currently 4.0 days. Currently, 3.9% of the company’s stock are sold short.

Insider Buying and Selling at Mercury General

In related news, VP Heidi C. Sullivan sold 1,076 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $77.28, for a total value of $83,153.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 35.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mercury General

Several large investors have recently made changes to their positions in the business. National Bank of Canada FI purchased a new stake in Mercury General during the second quarter valued at about $32,000. Allworth Financial LP lifted its position 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 acquiring an additional 500 shares in the last quarter. Quarry LP boosted its stake in Mercury General by 112.0% in the 2nd quarter. Quarry LP now owns 1,215 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 642 shares during the period. Blue Trust Inc. grew its position in Mercury General by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 1,151 shares of the insurance provider’s stock worth $72,000 after purchasing an additional 482 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of Mercury General by 115.8% in the third quarter. CWM LLC now owns 1,215 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 652 shares in the last quarter. Institutional investors own 42.39% of the company’s stock.

Mercury General Stock Performance

Shares of MCY stock traded down $0.13 during trading hours on Tuesday, reaching $66.48. The stock had a trading volume of 192,971 shares, compared to its average volume of 240,819. The firm has a market capitalization of $3.68 billion, a PE ratio of 6.59 and a beta of 0.84. The firm has a 50-day simple moving average of $72.09 and a 200-day simple moving average of $63.90. Mercury General has a twelve month low of $36.96 and a twelve month high of $80.72. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.33 and a quick ratio of 0.33.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, October 29th. The insurance provider reported $2.54 earnings per share for the quarter, beating the consensus estimate of $1.15 by $1.39. Mercury General had a return on equity of 18.04% and a net margin of 10.18%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the business earned $1.14 EPS. As a group, equities analysts forecast that Mercury General will post 6.35 earnings per share for the current year.

Mercury General Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th were issued a $0.317 dividend. The ex-dividend date was Thursday, December 12th. This represents a $1.27 annualized dividend and a dividend yield of 1.91%. Mercury General’s dividend payout ratio (DPR) is 12.59%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Mercury General from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 26th.

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.