Published On: Thu, Sep 8th, 2016

Mercury General Corp. (MCY) Sees Strong Trading Volume

Mercury General Corp. (NYSE:MCY) shares saw unusually-strong trading volume on Wednesday . Approximately 293,069 shares were traded during mid-day trading, an increase of 196% from the previous session’s volume of 98,929 shares.The stock last traded at $55.56 and had previously closed at $54.89.
A number of equities analysts recently commented on MCY shares. Zacks Investment Research upgraded Mercury General Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, July 6th. Compass Point decreased their price target on Mercury General Corp. from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Tuesday, August 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $51.33.
The company’s 50-day moving average price is $53.73 and its 200 day moving average price is $53.30. The company has a market capitalization of $3.07 billion and a P/E ratio of 27.66.

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Mercury General Corp. (NYSE:MCY) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.24. The firm had revenue of $858 million for the quarter, compared to analyst estimates of $811.11 million. During the same period in the prior year, the company earned $0.64 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. Analysts predict that Mercury General Corp. will post $1.53 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Tuesday, September 13th.
Mercury General Corporation is an insurance holding company. The Company is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Company operates through Property and Casualty business segment. The Company also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance.

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