Capstone Asset Management Co. acquired a new position in shares of Erie Indemnity Co. (NASDAQ:ERIE) during the third quarter, Holdings Channel reports. The institutional investor acquired 2,006 shares of the company’s stock, valued at approximately $205,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in Erie Indemnity during the second quarter worth about $119,000. Societe Generale acquired a new stake in Erie Indemnity during the second quarter worth about $151,000. Boothbay Fund Management LLC acquired a new stake in Erie Indemnity during the first quarter worth about $214,000. Pacer Advisors Inc. raised its stake in Erie Indemnity by 522.0% in the second quarter. Pacer Advisors Inc. now owns 2,401 shares of the company’s stock worth $238,000 after buying an additional 2,015 shares during the period. Finally, BlackRock Inc. raised its stake in Erie Indemnity by 235.2% in the first quarter. BlackRock Inc. now owns 2,990 shares of the company’s stock worth $278,000 after buying an additional 2,098 shares during the period. 30.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of Erie Indemnity Co. (NASDAQ:ERIE) opened at 101.63 on Thursday. The firm has a 50-day moving average price of $100.53 and a 200-day moving average price of $97.34. Erie Indemnity Co. has a 12-month low of $83.01 and a 12-month high of $104.21. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 28.55 and a beta of 0.55.
Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.12. The company earned $70 million during the quarter, compared to analysts’ expectations of $430.66 million. Erie Indemnity had a return on equity of 7.24% and a net margin of 7.49%. Equities research analysts anticipate that Erie Indemnity Co. will post $3.78 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be given a dividend of $0.73 per share. The ex-dividend date is Monday, October 3rd. This represents a $2.92 annualized dividend and a dividend yield of 2.87%. Erie Indemnity’s dividend payout ratio is currently 82.25%.
Separately, Zacks Investment Research lowered Erie Indemnity from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 4th.
In other news, EVP John F. Kearns sold 400 shares of the company’s 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 transaction, the executive vice president now directly owns 5,473 shares of the company’s stock, valued at $537,174.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Kearns sold 300 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $101.86, for a total value of $30,558.00. Following the transaction, the executive vice president now directly owns 1,823 shares of the company’s stock, valued at $185,690.78. The disclosure for this sale can be found here. Insiders own 47.46% of the company’s stock.
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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