Erie Indemnity (ERIE) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a hold rating in a report issued on Tuesday.

Separately, ValuEngine upgraded Erie Indemnity from a hold rating to a buy rating in a research report on Saturday, October 27th.

Shares of ERIE opened at $131.43 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.99 and a quick ratio of 1.99. Erie Indemnity has a one year low of $106.63 and a one year high of $132.69. The company has a market cap of $5.99 billion, a P/E ratio of 33.27 and a beta of 0.36.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.18. Erie Indemnity had a return on equity of 30.65% and a net margin of 11.69%. The firm had revenue of $612.13 million during the quarter. As a group, equities analysts predict that Erie Indemnity will post 4.91 EPS for the current year.

In other news, CEO Timothy G. Necastro purchased 1,550 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was purchased at an average cost of $127.89 per share, for a total transaction of $198,229.50. Following the completion of the transaction, the chief executive officer now owns 14,901 shares of the company’s stock, valued at $1,905,688.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 46.84% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Columbia Asset Management increased its position in shares of Erie Indemnity by 2.2% during the third quarter. Columbia Asset Management now owns 64,466 shares of the financial services provider’s stock worth $8,221,000 after purchasing an additional 1,380 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Erie Indemnity during the third quarter worth $205,000. Wedgewood Investors Inc. PA boosted its stake in Erie Indemnity by 1.7% during the third quarter. Wedgewood Investors Inc. PA now owns 52,833 shares of the financial services provider’s stock worth $6,738,000 after buying an additional 900 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Erie Indemnity by 16.7% during the third quarter. Wells Fargo & Company MN now owns 40,011 shares of the financial services provider’s stock worth $5,104,000 after buying an additional 5,735 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Erie Indemnity by 37.7% during the third quarter. Victory Capital Management Inc. now owns 141,989 shares of the financial services provider’s stock worth $18,108,000 after buying an additional 38,849 shares during the last quarter. Hedge funds and other institutional investors own 31.19% 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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