Notable Price Action: What Next for Mercury General Corporation Stock After Reaching 52-Week High?

Notable Price Action: What Next for Mercury General Corporation Stock After Reaching 52 Week High?

The stock of Mercury General Corporation (NYSE:MCY) hit a new 52-week high and has $74.20 target or 35.00% above today’s $54.96 share price. The 8 months bullish chart indicates low risk for the $3.00 billion company. The 1-year high was reported on Oct, 31 by If the $74.20 price target is reached, the company will be worth $1.05B 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 241,254 shares traded hands or 96.25% up from the average. Mercury General Corporation (NYSE:MCY) has declined 9.62% since March 29, 2016 and is downtrending. It has underperformed by 13.09% the S&P500.

Analysts await Mercury General Corporation (NYSE:MCY) to report earnings on November, 7. They expect $0.55 EPS, down 6.78% or $0.04 from last year’s $0.59 per share. MCY’s profit will be $30.02M for 24.98 P/E if the $0.55 EPS becomes a reality. After $0.35 actual EPS reported by Mercury General Corporation for the previous quarter, Wall Street now forecasts 57.14% EPS growth.

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. As per Tuesday, May 3, the company rating was maintained by Compass Point. The rating was upgraded by Zacks to “Sell” on Wednesday, August 26. As per Friday, February 19, the company rating was upgraded by Raymond James.

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 2016 Q2. Its up 0.42, from 1.17 in 2016Q1. The ratio improved, 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 Northern Tru has invested 0.01% in Mercury General Corporation (NYSE:MCY). Manufacturers Life Ins Commerce The has invested 0% of its portfolio in Mercury General Corporation (NYSE:MCY). Us Commercial Bank De last reported 0% of its portfolio in the stock. Creative Planning, a Kansas-based fund reported 700 shares. Parametric Port Associate Limited Liability Corp, a Washington-based fund reported 80,508 shares. The Florida-based Raymond James Assocs has invested 0% in Mercury General Corporation (NYSE:MCY). Great West Life Assurance Can owns 2,600 shares or 0% of their US portfolio. Aqr Capital Ltd Limited Liability Company accumulated 38,083 shares or 0% of the stock. Prudential Fincl, a New Jersey-based fund reported 33,595 shares. Horizon Kinetics Lc, a New York-based fund reported 8,605 shares. Moreover, Independent Port Consultants Incorporated has 0.01% invested in Mercury General Corporation (NYSE:MCY) for 760 shares. California Public Employees Retirement holds 0% of its portfolio in Mercury General Corporation (NYSE:MCY) for 48,558 shares. Stifel Financial owns 10,340 shares or 0% of their US portfolio. Moreover, Teacher Retirement Of Texas has 0% invested in Mercury General Corporation (NYSE:MCY) for 3,856 shares. Blair William & Il last reported 6,435 shares in the company.

More notable recent Mercury General Corporation (NYSE:MCY) news were published by: which released: “Mercury General Corporation Announces Third Quarter Results and Increases …” on October 31, 2016, also with their article: “Mercury General Corporation Announces Second Quarter Results and Declares …” published on August 01, 2016, 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) were released by: and their article: “Mercury General Corporation To Report Third Quarter Results On November 2, 2015” published on October 05, 2015 as well as‘s news article titled: “Mercury General Corporation (MCY) Ex-Dividend Date Scheduled for September 13 …” with publication date: September 12, 2016.

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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