Noteworthy Price Action: Mercury General Corporation’s Stock Is Buy After Reaching 52-Week High

Noteworthy Price Action: Mercury General Corporation's Stock Is Buy After Reaching 52 Week High

The stock of Mercury General Corporation (NYSE:MCY) hit a new 52-week high and has $79.45 target or 36.00% above today’s $58.42 share price. The 5 months bullish chart indicates low risk for the $3.27 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $79.45 price target is reached, the company will be worth $1.18 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 149,022 shares traded hands. Mercury General Corporation (NYSE:MCY) has risen 7.33% since April 15, 2016 and is uptrending. It has outperformed by 2.70% the S&P500.

Mercury General Corporation (NYSE:MCY) Ratings Coverage

Out of 2 analysts covering Mercury General (NYSE:MCY), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. Mercury General has been the topic of 3 analyst reports since August 26, 2015 according to StockzIntelligence Inc. The stock of Mercury General Corporation (NYSE:MCY) earned “Neutral” rating by Compass Point on Tuesday, May 3. On Friday, February 19 the stock rating was upgraded by Raymond James to “Mkt Perform”. Zacks upgraded the stock to “Sell” rating in Wednesday, August 26 report.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment increased to 1.59 in Q2 2016. Its up 0.42, from 1.17 in 2016Q1. The ratio increased, as 19 funds sold all Mercury General Corporation shares owned while 40 reduced positions. 16 funds bought stakes while 78 increased positions. They now own 23.57 million shares or 1.99% more from 23.11 million shares in 2016Q1.
The Illinois-based First Tru Advsrs Ltd Partnership has invested 0.04% in Mercury General Corporation (NYSE:MCY). Primecap Ca holds 0.02% of its portfolio in Mercury General Corporation (NYSE:MCY) for 281,600 shares. Ny State Common Retirement Fund, a New York-based fund reported 63,300 shares. Robeco Institutional Asset Mgmt Bv reported 533,608 shares or 0.22% of all its holdings. Blackrock Fund Advsrs last reported 0.05% of its portfolio in the stock. Signaturefd Ltd Liability Com, a Georgia-based fund reported 18 shares. Moreover, Guggenheim Ltd Llc has 0% invested in Mercury General Corporation (NYSE:MCY) for 15,936 shares. Amalgamated Financial Bank has invested 0.01% of its portfolio in Mercury General Corporation (NYSE:MCY). International Sarl owns 12,220 shares or 0.06% of their US portfolio. Blackrock Institutional Trust Na holds 661,148 shares or 0.01% of its portfolio. Profund owns 7,102 shares or 0.02% of their US portfolio. Sg Americas Securities Llc holds 0.01% or 20,156 shares in its portfolio. State Of Wisconsin Invest Board last reported 0% of its portfolio in the stock. Thrivent For Lutherans, a Minnesota-based fund reported 16,070 shares. Deutsche Commercial Bank Ag last reported 0% of its portfolio in the stock.

Insider Transactions: Since November 9, 2016, the stock had 0 insider purchases, and 1 sale for $84,435 net activity. The insider CURTIUS MIKE sold 1,500 shares worth $84,435.

More important recent Mercury General Corporation (NYSE:MCY) news were published by: Prnewswire.com which released: “Mercury General Corporation Announces Third Quarter Results and Increases …” on October 31, 2016, also Prnewswire.com published article titled: “Mercury General Corporation Announces Second Quarter Results and Declares …”, Prnewswire.com published: “Mercury General Corporation To Report Third Quarter Results On October 31, 2016” on October 05, 2016. More interesting news about Mercury General Corporation (NYSE:MCY) was released by: Prnewswire.com and their article: “Mercury General Corporation To Report Third Quarter Results On November 2, 2015” with publication date: October 05, 2015.

MCY Company Profile

Mercury General Corporation, incorporated on January 20, 1961, is an insurance holding company. The Firm is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Firm operates through Property and Casualty business segment. The Firm also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance. The Firm offers a range of automobile coverage, such as collision, property damage, bodily injury (BI), comprehensive, personal injury protection (PIP), underinsured and uninsured motorist, and other hazards. The Firm offers a range of homeowner’s coverage, such as dwelling, liability, personal property, fire and other hazards. The Firm has activities in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia. The Firm offers standard, non-standard, and preferred private passenger automobile insurance in approximately 10 states.

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