NEW YORK ( TheStreet) -- Mercury General Corporation (NYSE: MCY) hit a new 52-week high Friday as it is currently trading at $46, above its previous 52-week high of $45.95 with 106,762 shares traded as of 12:19 p.m. ET. Average volume has been 240,500 shares over the past 30 days.

Mercury General has a market cap of $2.46 billion and is part of the financial sector and insurance industry. Shares are up 4.6% year to date as of the close of trading on Thursday.

Mercury General Corporation, together with its subsidiaries, engages in writing private passenger and commercial automobile insurance in the United States. The company also writes homeowners, mechanical breakdown, fire, umbrella, and commercial automobile and property insurance. The company has a P/E ratio of 27.9, below the average insurance industry P/E ratio of 28 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Mercury General as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Mercury General Ratings Report.

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