Erie Indemnity Company (ERIE) to Issue Quarterly Dividend of $0.78 on October 20th
Erie Indemnity Company (NASDAQ:ERIE) declared a quarterly dividend on Friday, July 28th, Zacks reports. Shareholders of record on Thursday, October 5th will be given a dividend of 0.783 per share by the financial services provider on Friday, October 20th. This represents a $3.13 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, October 4th. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78.
Erie Indemnity has increased its dividend by an average of 18.0% annually over the last three years and has raised its dividend annually for the last 21 consecutive years. Erie Indemnity has a dividend payout ratio of 80.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Erie Indemnity to earn $4.08 per share next year, which means the company should continue to be able to cover its $3.13 annual dividend with an expected future payout ratio of 76.7%.
Shares of Erie Indemnity (ERIE) opened at 122.68 on Tuesday. The company has a market cap of $6.41 billion, a PE ratio of 30.67 and a beta of 0.47. Erie Indemnity has a 12-month low of $98.36 and a 12-month high of $129.73. The stock’s 50 day moving average price is $120.22 and its 200-day moving average price is $121.42.
Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.09). Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. The firm had revenue of $448.56 million for the quarter, compared to analyst estimates of $447.41 million. On average, equities research analysts forecast that Erie Indemnity will post $3.90 earnings per share for the current year.
An institutional investor recently raised its position in Erie Indemnity stock. The Manufacturers Life Insurance Company increased its stake in shares of Erie Indemnity Company (NASDAQ:ERIE) by 7.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,369 shares of the financial services provider’s stock after buying an additional 91 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Erie Indemnity were worth $171,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 30.97% of the company’s stock.
ERIE has been the subject of a number of recent analyst reports. BidaskClub cut Erie Indemnity from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Zacks Investment Research lowered Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd.
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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