Erie Indemnity Co. (ERIE) Lowered to Hold at Zacks Investment Research
According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “
Erie Indemnity (NASDAQ:ERIE) opened at 99.71 on Tuesday. Erie Indemnity has a one year low of $81.07 and a one year high of $104.21. The stock has a 50 day moving average price of $100.25 and a 200-day moving average price of $97.06. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 28.01 and a beta of 0.55.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.17 EPS for the quarter, topping the consensus estimate of $1.05 by $0.12. Erie Indemnity had a return on equity of 7.24% and a net margin of 7.49%. The business earned $70 million during the quarter, compared to analyst estimates of $430.66 million. On average, analysts predict that Erie Indemnity will post $3.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Monday, October 3rd. Erie Indemnity’s dividend payout ratio (DPR) is 82.25%.
In other Erie Indemnity news, EVP John F. Kearns sold 400 shares of Erie Indemnity stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $98.15, for a total transaction of $39,260.00. Following the completion of the sale, the executive vice president now directly owns 5,473 shares of the company’s stock, valued at approximately $537,174.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Kearns sold 1,823 shares of Erie Indemnity stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $103.55, for a total value of $188,771.65. Following the sale, the executive vice president now directly owns 1,323 shares of the company’s stock, valued at $136,996.65. The disclosure for this sale can be found here. Company insiders own 47.46% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Erie Indemnity by 2.7% in the second quarter. Vanguard Group Inc. now owns 1,946,209 shares of the company’s stock worth $193,337,000 after buying an additional 51,642 shares during the period. State Street Corp increased its stake in shares of Erie Indemnity by 6.2% in the first quarter. State Street Corp now owns 345,949 shares of the company’s stock worth $32,170,000 after buying an additional 20,321 shares during the period. BlackRock Fund Advisors increased its stake in shares of Erie Indemnity by 5.7% in the second quarter. BlackRock Fund Advisors now owns 239,912 shares of the company’s stock worth $23,833,000 after buying an additional 12,841 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Erie Indemnity by 15.3% in the second quarter. Bank of New York Mellon Corp now owns 228,264 shares of the company’s stock worth $22,676,000 after buying an additional 30,372 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Erie Indemnity by 4.2% in the first quarter. Geode Capital Management LLC now owns 173,794 shares of the company’s stock worth $16,161,000 after buying an additional 6,985 shares during the period. 30.45% of the stock is owned by institutional investors.
About Erie Indemnity
Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company’s primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
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