Heidi Sullivan, the Vice President and Chief Human Capital Officer of Mercury General Corp (NYSE:MCY), recently sold 1,076 shares of the company's common stock. The insurance provider, currently valued at $4.24 billion, has demonstrated remarkable performance with a 109.85% return year-to-date and maintains a strong tradition of 39 consecutive years of dividend payments. The transaction, dated December 3, 2024, was executed at a price of $77.28 per share, amounting to a total sale value of $83,153. This sale leaves Sullivan with no remaining shares in the company. The transaction was disclosed in a filing with the Securities and Exchange Commission. According to InvestingPro analysis, Mercury General currently trades near its Fair Value and maintains a "GREAT" financial health score, with a modest P/E ratio of 7.59. For deeper insights into insider trading patterns and additional financial metrics, subscribers can access more than 10 exclusive InvestingPro Tips.
In other recent news, Mercury General Corporation has made notable adjustments to its credit agreement. The company has extended the maturity date of its loan to November 18, 2027, as announced following the institution of the Third Amendment to the Amended and Restated Credit Agreement. This amendment was made in collaboration with Bank of America (NYSE:BAC), N.A., and other associated lenders.
The Third Amendment, which modifies the initial agreement from March 2021, was concluded on November 22, 2024, and allows Mercury General a longer period to meet its loan obligations. The details of this amendment were made public in the company's recent 8-K filing with the Securities and Exchange Commission (SEC).
The filing also revealed that Mercury General has committed to creating a direct financial obligation due to this amended credit agreement. The complete terms and conditions of the agreement can be found in the Third Amendment, which is included as Exhibit 10.1 in the document filed with the SEC. This recent development provides investors with transparent and verifiable information about the company's financial arrangements.
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