Erie Indemnity Company (NASDAQ:ERIE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.

Separately, Zacks Investment Research downgraded Erie Indemnity from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd.

Erie Indemnity (ERIE) traded down 0.16% during midday trading on Friday, reaching $120.20. 1,608 shares of the company were exchanged. The firm’s 50 day moving average price is $123.94 and its 200-day moving average price is $121.14. Erie Indemnity has a 52 week low of $96.01 and a 52 week high of $129.73. The stock has a market capitalization of $6.29 billion, a P/E ratio of 30.05 and a beta of 0.43.

Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by $0.09. The business had revenue of $448.56 million for the quarter, compared to analysts’ expectations of $447.41 million. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. Equities analysts forecast that Erie Indemnity will post $3.90 EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in ERIE. JPMorgan Chase & Co. increased its position in Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock worth $134,000 after buying an additional 240 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Erie Indemnity by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock valued at $171,000 after buying an additional 91 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Erie Indemnity during the first quarter valued at approximately $181,000. NN Investment Partners Holdings N.V. bought a new stake in shares of Erie Indemnity during the second quarter valued at approximately $183,000. Finally, Keybank National Association OH bought a new stake in shares of Erie Indemnity during the first quarter valued at approximately $202,000. Institutional investors own 30.90% of the company’s stock.

Erie Indemnity Company Profile

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 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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