According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “
Shares of Erie Indemnity (NASDAQ:ERIE) opened at 99.71 on Tuesday. The firm’s 50-day moving average price is $100.25 and its 200-day moving average price is $97.06. Erie Indemnity has a one year low of $81.07 and a one year high of $104.21. The stock has a market capitalization of $5.21 billion, a P/E ratio of 28.01 and a beta of 0.55.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.12. The company earned $70 million during the quarter, compared to the consensus estimate 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 will post $3.78 EPS for the current fiscal 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 issued a dividend of $0.73 per share. The ex-dividend date is Monday, October 3rd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.93%. Erie Indemnity’s payout ratio is 82.25%.
In other news, EVP John F. Kearns sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $99.15, for a total transaction of $247,875.00. Following the completion of the sale, the executive vice president now directly owns 8,416 shares in the company, valued at approximately $834,446.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John F. Kearns sold 1,823 shares of the company’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $103.55, for a total value of $188,771.65. Following the sale, the executive vice president now owns 1,323 shares of the company’s stock, valued at $136,996.65. The disclosure for this sale can be found here. Insiders own 47.46% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Group LTD increased its stake in Erie Indemnity by 23.1% in the first quarter. BlackRock Group LTD now owns 17,884 shares of the company’s stock worth $1,662,000 after buying an additional 3,359 shares during the last quarter. BlackRock Inc. increased its stake in shares of Erie Indemnity by 235.2% in the first quarter. BlackRock Inc. now owns 2,990 shares of the company’s stock valued at $278,000 after buying an additional 2,098 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Erie Indemnity by 3.7% in the first quarter. Teachers Advisors Inc. now owns 23,483 shares of the company’s stock valued at $2,184,000 after buying an additional 843 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of Erie Indemnity by 49.5% in the first quarter. Rafferty Asset Management LLC now owns 3,196 shares of the company’s stock valued at $297,000 after buying an additional 1,058 shares in the last quarter. Finally, Cadence Capital Management LLC bought a new stake in shares of Erie Indemnity during the second quarter valued at about $285,000. Institutional investors and hedge funds own 30.45% 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 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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