Mark Allan Ribisi, President of the AIS subsidiary at Mercury General Corp (NYSE:MCY), has recently purchased 55 shares of the company's common stock. The acquisition was made on January 7, 2025, at a price of $64.714 per share, totaling approximately $3,559. The insurance company, with a market capitalization of $3.25 billion, has demonstrated strong performance with a 75% return over the past year. InvestingPro analysis shows the stock trading at an attractive P/E ratio of 5.8x. Following this transaction, Ribisi holds 680 shares directly. Additionally, through an Employee Stock Ownership Plan (ESOP), he indirectly owns 107 shares. The report also notes that Ribisi's spouse holds 27 shares in her IRA account. Mercury General maintains a steady 1.96% dividend yield and has consistently paid dividends for 39 consecutive years. For more detailed financial metrics and exclusive insights, check out InvestingPro, which offers 8 additional key tips about MCY's potential.
In other recent news, Mercury General Corporation has updated its credit agreement, pushing the maturity date to November 18, 2027. This development follows the company's entry into the Third Amendment to Amended and Restated Credit Agreement with Bank of America (NYSE:BAC), N.A., and other lenders involved. The amendment, which modifies the original agreement established in March 2021, was finalized recently, giving Mercury General more time to meet its loan commitments.
The details of this amendment were revealed in Mercury General's recent 8-K filing with the Securities and Exchange Commission (SEC). The key focus of this latest amendment is the extension of the loan's maturity date, now slated for late 2027. The 8-K filing also indicates Mercury General's commitment to establishing a direct financial obligation as a result of this amended credit agreement.
Investors and stakeholders can reference the full text of the Third Amendment for a detailed understanding of the terms. This filing offers transparency and provides verifiable data about the company's financial arrangements. These are among the recent developments for Mercury General, which continues to operate in the fire, marine, and casualty insurance industry.
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