Brokerages Anticipate Erie Indemnity Company (ERIE) to Post $1.11 Earnings Per Share
Shares of Erie Indemnity Company (NASDAQ:ERIE) have been given a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation.
Zacks has also given Erie Indemnity an industry rank of 108 out of 265 based on the ratings given to related companies.
A number of research analysts have recently weighed in on ERIE shares. Zacks Investment Research downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. BidaskClub downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Friday, August 25th.
Shares of Erie Indemnity (NASDAQ ERIE) traded up 0.555% during midday trading on Tuesday, reaching $124.185. 6,832 shares of the company traded hands. The company has a 50-day moving average of $119.48 and a 200 day moving average of $121.28. Erie Indemnity has a 12-month low of $98.36 and a 12-month high of $129.73. The firm has a market capitalization of $6.49 billion, a PE ratio of 31.046 and a beta of 0.47.
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 Zacks’ consensus estimate of $1.21 by ($0.09). Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. The company had revenue of $448.56 million for the quarter, compared to the consensus estimate of $447.41 million. On average, equities analysts forecast that Erie Indemnity will post $3.95 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Thursday, October 5th will be given a dividend of $0.783 per share. This is an increase from Erie Indemnity’s previous quarterly dividend of $0.78. This represents a $3.13 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio is currently 78.45%.
Several institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its position in shares of Erie Indemnity by 0.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,917,607 shares of the financial services provider’s stock valued at $615,044,000 after acquiring an additional 24,203 shares during the period. Vanguard Group Inc. grew its position in shares of Erie Indemnity by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 2,316,616 shares of the financial services provider’s stock valued at $289,739,000 after acquiring an additional 29,189 shares during the period. BlackRock Inc. grew its position in shares of Erie Indemnity by 3.1% during the 2nd quarter. BlackRock Inc. now owns 940,441 shares of the financial services provider’s stock valued at $117,620,000 after acquiring an additional 28,266 shares during the period. State Street Corp grew its position in shares of Erie Indemnity by 3.9% during the 2nd quarter. State Street Corp now owns 358,213 shares of the financial services provider’s stock valued at $44,808,000 after acquiring an additional 13,608 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Erie Indemnity by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 246,184 shares of the financial services provider’s stock valued at $30,790,000 after acquiring an additional 1,082 shares during the period. 30.97% of the stock is owned by hedge funds and other 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 function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Erie Indemnity Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Erie Indemnity Company and related stocks with our FREE daily email newsletter.