Shares of Erie Indemnity Co. (NASDAQ:ERIE) have received a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Zacks has also assigned Erie Indemnity an industry rank of 200 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research cut Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th.
Erie Indemnity (NASDAQ:ERIE) opened at 100.49 on Monday. The stock’s 50 day moving average price is $99.91 and its 200-day moving average price is $96.49. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of 28.23 and a beta of 0.54. Erie Indemnity has a 12 month low of $80.08 and a 12 month high of $104.21.
Erie Indemnity (NASDAQ:ERIE) last posted its earnings results 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 firm 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 predict that Erie Indemnity will post $3.78 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Monday, October 3rd. Erie Indemnity’s dividend payout ratio (DPR) is 82.25%.
In other Erie Indemnity news, EVP John F. Kearns sold 400 shares of Erie Indemnity stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $98.15, for a total transaction of $39,260.00. Following the transaction, the executive vice president now owns 5,473 shares of the company’s stock, valued at $537,174.95. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John F. Kearns sold 1,823 shares of Erie Indemnity stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 1,323 shares in the company, valued at approximately $136,996.65. The disclosure for this sale can be found here. Company insiders own 47.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERIE. Paradigm Asset Management Co. LLC raised its position in Erie Indemnity by 1.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 6,779 shares of the company’s stock valued at $673,000 after buying an additional 79 shares during the period. Commerce Bank raised its position in Erie Indemnity by 1.0% in the second quarter. Commerce Bank now owns 9,830 shares of the company’s stock valued at $977,000 after buying an additional 100 shares during the period. Stifel Financial Corp raised its position in Erie Indemnity by 1.6% in the second quarter. Stifel Financial Corp now owns 9,013 shares of the company’s stock valued at $895,000 after buying an additional 145 shares during the period. Swiss National Bank raised its position in Erie Indemnity by 0.5% in the second quarter. Swiss National Bank now owns 42,009 shares of the company’s stock valued at $4,173,000 after buying an additional 200 shares during the period. Finally, HBK Sorce Advisory LLC raised its position in Erie Indemnity by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 11,162 shares of the company’s stock valued at $1,109,000 after buying an additional 308 shares during the period. 30.45% of the stock is currently owned by institutional investors.
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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