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Mercury General (NYSE:MCY) Downgraded by Zacks Investment Research – Defense World

Posted by on May 12th, 2022
Mercury General (NYSE:MCYGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “
Several other equities research analysts also recently commented on the stock. TheStreet downgraded shares of Mercury General from a “b” rating to a “c+” rating in a research note on Friday, May 6th. StockNews.com initiated coverage on shares of Mercury General in a research note on Thursday, March 31st. They issued a “hold” rating on the stock.

Shares of MCY stock opened at $48.48 on Thursday. Mercury General has a 1 year low of $47.89 and a 1 year high of $67.45. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.20. The firm’s fifty day simple moving average is $53.18 and its 200 day simple moving average is $53.32. The firm has a market capitalization of $2.68 billion, a P/E ratio of -47.53 and a beta of 0.42.
Mercury General (NYSE:MCYGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The insurance provider reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($1.42). Mercury General had a positive return on equity of 2.05% and a negative net margin of 1.47%. During the same quarter last year, the company posted $1.34 EPS. Equities research analysts anticipate that Mercury General will post 2.9 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. bought a new stake in Mercury General during the 3rd quarter worth about $26,000. JJJ Advisors Inc. raised its holdings in Mercury General by 123.1% during the 1st quarter. JJJ Advisors Inc. now owns 522 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 288 shares during the last quarter. Fairfield Bush & CO. bought a new stake in Mercury General during the 1st quarter worth about $33,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Mercury General during the 4th quarter worth about $45,000. Finally, Signaturefd LLC raised its holdings in Mercury General by 59.6% during the 1st quarter. Signaturefd LLC now owns 1,055 shares of the insurance provider’s stock worth $58,000 after purchasing an additional 394 shares during the last quarter. Institutional investors and hedge funds own 40.01% of the company’s stock.
About Mercury General (Get Rating)
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, fire, and other hazards.
Further Reading

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