Erie Indemnity (ERIE) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a sell rating to a hold rating in a research note released on Friday.

ERIE stock traded down $0.28 during mid-day trading on Friday, reaching $121.99. The company had a trading volume of 28,466 shares, compared to its average volume of 33,715. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.92 and a quick ratio of 1.92. The firm has a market capitalization of $5.89 billion, a P/E ratio of 30.88 and a beta of 0.41. Erie Indemnity has a fifty-two week low of $106.63 and a fifty-two week high of $130.36.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.12. Erie Indemnity had a return on equity of 28.52% and a net margin of 11.59%. The business had revenue of $621.46 million for the quarter, compared to the consensus estimate of $471.02 million. On average, analysts expect that Erie Indemnity will post 4.91 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 9th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Monday, October 8th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.75%. Erie Indemnity’s payout ratio is currently 85.06%.

In other Erie Indemnity news, CEO Timothy G. Necastro acquired 1,550 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were acquired at an average price of $127.89 per share, for a total transaction of $198,229.50. Following the acquisition, the chief executive officer now owns 14,901 shares in the company, valued at approximately $1,905,688.89. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 46.84% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its holdings in shares of Erie Indemnity by 75.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,251 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 2,251 shares during the last quarter. Renaissance Technologies LLC grew its stake in Erie Indemnity by 12.8% during the 2nd quarter. Renaissance Technologies LLC now owns 167,400 shares of the financial services provider’s stock worth $19,629,000 after buying an additional 19,000 shares during the last quarter. BlueMountain Capital Management LLC grew its stake in Erie Indemnity by 55.1% during the 2nd quarter. BlueMountain Capital Management LLC now owns 7,696 shares of the financial services provider’s stock worth $902,000 after buying an additional 2,735 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Erie Indemnity by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 261,049 shares of the financial services provider’s stock worth $30,609,000 after buying an additional 10,782 shares during the last quarter. Finally, BlackRock Inc. grew its stake in Erie Indemnity by 1.6% during the 2nd quarter. BlackRock Inc. now owns 960,736 shares of the financial services provider’s stock worth $112,654,000 after buying an additional 15,037 shares during the last quarter. Institutional investors and hedge funds own 31.23% of the company’s stock.

Erie Indemnity Company Profile

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.

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