Semper Augustus Investments Group Lowers stake in Mercury General Corporation (MCY)

Mercury General Corporation (MCY) : Semper Augustus Investments Group reduced its stake in Mercury General Corporation by 13.56% during the most recent quarter end. The investment management company now holds a total of 170,157 shares of Mercury General Corporation which is valued at $8.8 Million after selling 26,690 shares in Mercury General Corporation , the firm said in a disclosure report filed with the SEC on May 13, 2016.Mercury General Corporation makes up approximately 6.17% of Semper Augustus Investments Group’s portfolio.

Other Hedge Funds, Including , Norges Bank boosted its stake in MCY in the latest quarter, The investment management firm added 249,827 additional shares and now holds a total of 621,233 shares of Mercury General Corporation which is valued at $32.2 Million. Mercury General Corporation makes up approx 0.02% of Norges Bank’s portfolio.

Mercury General Corporation closed down -0.15 points or -0.29% at $52.17 with 48,052 shares getting traded on Wednesday. Post opening the session at $52.46, the shares hit an intraday low of $51.98 and an intraday high of $52.67 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Mercury General Corporation reported $0.13 EPS for the quarter, missing the analyst consensus estimate by $ -0.55 based on the information available during the earnings call on May 2, 2016. Analyst had a consensus of $0.68. The company had revenue of $797.70 million for the quarter, compared to analysts expectations of $780.35 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS.

Investors should note that on May 2, 2016, Mercury General Corporation announced a cash dividend of $0.6200. The company’s management has announced Jun 14, 2016 as the ex-dividend date and fixed the record date on Jun 16, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on Mercury General Corporation. Company shares were Reiterated by Compass Point on May 3, 2016 to “Neutral”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Mercury General Corporation was Upgraded by Raymond James to ” Mkt Perform” on Feb 19, 2016.

Mercury General Corporation is an insurance holding company. Through its subsidiaries the Company operates as a personal automobile insurer selling policies through a network of independent agents 100% owned insurance agents and direct channels in around 13 states. It also offers homeowners commercial automobile commercial property mechanical breakdown fire and umbrella insurance. It provides various types of automobile coverage such as collision property damage bodily injury comprehensive personal injury protection underinsured and uninsured motorist and other hazards. It offers a range of homeowner’s coverage including dwelling liability personal property fire and other hazards. It has operations in Arizona California Georgia Illinois Michigan Nevada and New Jersey among others. Its subsidiaries include Mercury Casualty Company Mercury Insurance Company California Automobile Insurance Company and Mercury Insurance Company of Georgia among others.

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