Mercury General (MCY) PT Set at $69.00 by Keefe, Bruyette & Woods

Mercury General (NYSE:MCY) has been given a $69.00 target price by Keefe, Bruyette & Woods in a research report issued to clients and investors on Monday. The firm presently has a “buy” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.95% from the stock’s previous close.

MCY has been the topic of several other research reports. TheStreet raised shares of Mercury General from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. Zacks Investment Research raised shares of Mercury General from a “hold” rating to a “strong-buy” rating and set a $60.00 price objective on the stock in a research note on Saturday, August 4th. Finally, ValuEngine raised shares of Mercury General from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st.

Mercury General stock opened at $58.50 on Monday. Mercury General has a fifty-two week low of $41.40 and a fifty-two week high of $60.19. The company has a market cap of $2.80 billion, a P/E ratio of 35.67, a PEG ratio of 0.66 and a beta of 0.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.40 and a current ratio of 0.40.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Monday, October 29th. The insurance provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.38. Mercury General had a net margin of 2.48% and a return on equity of 5.44%. The business had revenue of $905.34 million for the quarter, compared to analyst estimates of $877.06 million. During the same quarter last year, the firm earned $0.60 EPS. Mercury General’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts expect that Mercury General will post 2.2 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Gifford Fong Associates bought a new position in Mercury General in the second quarter valued at approximately $137,000. Flagship Harbor Advisors LLC bought a new position in Mercury General in the second quarter valued at approximately $181,000. Commonwealth Equity Services LLC bought a new position in Mercury General in the first quarter valued at approximately $205,000. Verition Fund Management LLC bought a new position in Mercury General in the second quarter valued at approximately $212,000. Finally, Xact Kapitalforvaltning AB bought a new position in Mercury General in the first quarter valued at approximately $241,000. 47.86% 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, fire, and umbrella insurance. Its automobile insurance products cover collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products cover dwelling, liability, personal property, fire, and other hazards.

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