BlackRock Fund Advisors has recently announced that it has increased stake in Mercury General Corporation (NYSE:MCY) by 52.60%. After grabbing 4.42 million shares, the institutional investor is now in possession of 1.52 million shares of the Financial Company. The new investment brought the stake of investor firm to 7.98% having worth around $160.29 million. Moreover, The Vanguard Group, Inc. increased its share by 0.28 million to have a control over 3.0 million shares. And Absher Wealth Management LLC raised its holdings to 0.25 million shares by acquiring 0.8 million shares or 1.44% of the stake.
Mercury General Corporation (MCY) concluded trading on 01/12/23 at a closing price of $35.28, with 0.41 million shares of worth about $14.31 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -18.39% during that period and on Thursday the price saw a gain of about 0.94%. Currently the company’s common shares owned by public are about 55.37M shares, out of which, 26.57M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 2 analysts are covering the MCY stock and their offered price forecasts bring an average price target of $45.00. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $45.00 and could fall to a lowest price of $45.00. The stock’s current price level is 21.6% above of average price target set by the analysts, while a rise to estimated low would result in gain of 21.6% for the stock. However, touching the estimated high of $45.00 would mean a gain of 21.6% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 7 times over the past 12 months. They bought 5,456 shares in 4 of the transactions. In 3 selling transactions, insiders dumped 2,341 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Mercury General Corporation iShares Core S&P Small Cap ETF is currently holding 2.02 million shares of worth totaling $73.24 million. The company recently came buying 768.0 shares which brought its stake up to 3.65% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 1830.0 shares, after which its hold over company’s outstanding shares expand to 1.51%, leaving 0.83 million shares with the mutual fund that have a worth of about $30.29 million. Vanguard Small Cap Index Fund, after buying 0.72 million shares, have now control over 1.29% of the stake in the company. It holds 58.0 shares of worth $25.99 million.
Mercury General Corporation (NYSE: MCY) started trading at $35.04, above $0.09 from concluding price of the previous day. However, the stock later moved at a day high price of 35.62, or with a gain of 0.94%. Stock saw a price change of -1.15% in past 5 days and over the past one month there was a price change of -0.17%. Year-to-date (YTD), MCY shares are showing a performance of 3.16% which decreased to -36.64% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $27.89 but also hit the highest price of $56.21 during that period. The average intraday trading volume for Mercury General Corporation shares is 340.20K. The stock is currently trading 2.12% above its 20-day simple moving average (SMA20), while that difference is up 0.47% for SMA50 and it goes to -11.23% lower than SMA200.
BlackRock Fund Advisors acquired 4.42 million shares of Mercury General Corporation having value of about $160.29 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 1.52 million shares in the company valued at close to $53727629.76, or have control over 52.60% stake in the company. Mercury General Corporation (NYSE: MCY) currently have 55.37M outstanding shares and institutions hold larger chunk of about 43.60% of that. Holding of mutual funds in the company is about 23.56% while other institutional holders and individual stake holders have control over 35.77% and 19.94% of the stake respectively.
The stock has a current market capitalization of $1.91B and its 3Y-monthly beta is at 0.62. It has posted earnings per share of -$8.59 in the same period. It has a debt-to-equity ratio of 0.24. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MCY, volatility over the week remained 3.54% while standing at 2.98% over the month.
Analysts are in expectations that Mercury General Corporation (MCY) stock would likely to be making an EPS of -$0.25 in the current quarter, while forecast for next quarter EPS is -$0.28 and it is $1.02 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.3 which is -$0.2 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.64 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -33.80% while it is estimated to increase by 221.00% in next year. EPS is likely to grow at an annualized rate of 37.90% for next 5-years, compared to annual growth of 27.70% made by the stock over the past 5-years.
Analysts at 2 brokerage firms have issued recommendations for the Mercury General Corporation (MCY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 2 Wall Street analysts, 1 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Raymond James on November 04, 2022 offering a Strong buy rating for the stock and assigned a target price of $45 to it. On October 29, 2019, Keefe Bruyette Downgrade their recommendations, while on August 02, 2016, Compass Point Reiterated their ratings for the stock with a price target of $51. Stock get a Neutral rating from Compass Point on May 03, 2016.