TIAA CREF Investment Management LLC cut its stake in Erie Indemnity Company (NASDAQ:ERIE) by 11.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,156 shares of the financial services provider’s stock after selling 7,314 shares during the period. TIAA CREF Investment Management LLC owned about 0.11% of Erie Indemnity worth $7,399,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in ERIE. UBS Asset Management Americas Inc. raised its stake in Erie Indemnity by 15.7% in the first quarter. UBS Asset Management Americas Inc. now owns 11,499 shares of the financial services provider’s stock valued at $1,411,000 after buying an additional 1,557 shares in the last quarter. JPMorgan Chase & Co. raised its stake 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 valued at $134,000 after buying an additional 240 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Erie Indemnity in the first quarter valued at $181,000. Schroder Investment Management Group raised its stake in Erie Indemnity by 8.4% in the first quarter. Schroder Investment Management Group now owns 4,262 shares of the financial services provider’s stock valued at $517,000 after buying an additional 331 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in Erie Indemnity by 6.4% in the first quarter. Teachers Advisors LLC now owns 45,912 shares of the financial services provider’s stock valued at $5,633,000 after buying an additional 2,754 shares in the last quarter. Hedge funds and other institutional investors own 30.97% of the company’s stock.

A number of analysts have weighed in on ERIE shares. Zacks Investment Research upgraded Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub upgraded Erie Indemnity from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th.

Shares of Erie Indemnity Company (NASDAQ:ERIE) opened at 118.73 on Wednesday. The firm has a market capitalization of $6.21 billion, a PE ratio of 29.68 and a beta of 0.47. The firm has a 50-day moving average price of $119.44 and a 200-day moving average price of $121.29. Erie Indemnity Company has a 1-year low of $98.36 and a 1-year high of $129.73.

Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.09). The firm had revenue of $448.56 million during the quarter, compared to analysts’ expectations of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. On average, analysts forecast that Erie Indemnity Company will post $3.95 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Thursday, October 5th will be given a $0.783 dividend. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. This represents a $3.13 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio is presently 78.45%.

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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 function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.

Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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