Renaissance Technologies LLC increased its holdings in Erie Indemnity (NASDAQ:ERIE) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,371 shares of the financial services provider’s stock after purchasing an additional 2,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.29% of Erie Indemnity worth $16,128,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Union Bankshares Corp bought a new stake in shares of Erie Indemnity in the fourth quarter worth $16,071,000. California Public Employees Retirement System grew its stake in shares of Erie Indemnity by 7.7% in the third quarter. California Public Employees Retirement System now owns 90,481 shares of the financial services provider’s stock worth $10,909,000 after purchasing an additional 6,481 shares during the last quarter. Commerce Bank grew its stake in shares of Erie Indemnity by 8.1% in the fourth quarter. Commerce Bank now owns 9,250 shares of the financial services provider’s stock worth $1,127,000 after purchasing an additional 690 shares during the last quarter. Creative Planning grew its stake in shares of Erie Indemnity by 34.2% in the fourth quarter. Creative Planning now owns 5,884 shares of the financial services provider’s stock worth $717,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Erie Indemnity by 5.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 139,990 shares of the financial services provider’s stock worth $17,057,000 after purchasing an additional 6,755 shares during the last quarter. 31.04% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on ERIE shares. Zacks Investment Research raised shares of Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 price objective on the stock in a research note on Tuesday, February 27th. BidaskClub raised shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th.
Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, February 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. The business had revenue of $401.40 million for the quarter. Erie Indemnity had a net margin of 11.65% and a return on equity of 24.25%. sell-side analysts predict that Erie Indemnity will post 4.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Investors of record on Friday, April 6th will be issued a $0.84 dividend. The ex-dividend date is Thursday, April 5th. This represents a $3.36 annualized dividend and a yield of 2.86%. Erie Indemnity’s payout ratio is 85.06%.
In other news, Director Luann Datesh bought 210 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The shares were acquired at an average price of $119.87 per share, for a total transaction of $25,172.70. Following the completion of the acquisition, the director now directly owns 410 shares in the company, valued at $49,146.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy G. Necastro bought 493 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average price of $115.18 per share, for a total transaction of $56,783.74. Following the acquisition, the chief executive officer now owns 12,006 shares of the company’s stock, valued at $1,382,851.08. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 908 shares of company stock worth $105,682. 46.79% of the stock is owned by company insiders.
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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 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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