There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on October 31, Mercury General Corp.'s Director, George Gwyer Braunegg, invested $24,858.75 into 525 shares of MCY, for a cost per share of $47.35. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Tuesday, bargain hunters could buy shares of Mercury General Corp. (Symbol: MCY) and achieve a cost basis even cheaper than Braunegg, with shares changing hands as low as $47.29 per share. Mercury General Corp. shares are currently trading up about 2.4% on the day. The chart below shows the one year performance of MCY shares, versus its 200 day moving average:
Looking at the chart above, MCY's low point in its 52 week range is $46.6901 per share, with $65.22 as the 52 week high point — that compares with a last trade of $48.44. By comparison, below is a table showing the prices at which MCY insider buying was recorded over the last six months:
|10/31/2019||George Gwyer Braunegg||Director||525||$47.35||$24,858.75|
The current annualized dividend paid by Mercury General Corp. is $2.52/share, currently paid in quarterly installments, and its most recent dividend has an upcoming ex-date of 12/11/2019. Below is a long-term dividend history chart for MCY, which can be of good help in judging whether the most recent dividend with approx. 5.3% annualized yield is likely to continue.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.