Erie Indemnity (NASDAQ:ERIE) Downgraded by Zacks Investment Research

Erie Indemnity (NASDAQ:ERIE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

NASDAQ:ERIE traded down $4.14 during mid-day trading on Tuesday, hitting $212.62. The stock had a trading volume of 61,794 shares, compared to its average volume of 65,314. The stock has a 50-day simple moving average of $224.26 and a two-hundred day simple moving average of $237.03. The company has a market capitalization of $9.82 billion, a PE ratio of 38.31 and a beta of 0.43. Erie Indemnity has a twelve month low of $154.63 and a twelve month high of $266.77. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.08.

Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings results on Thursday, April 29th. The financial services provider reported $1.41 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.41. Erie Indemnity had a net margin of 11.49% and a return on equity of 24.73%. Sell-side analysts predict that Erie Indemnity will post 5.5 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in ERIE. First Trust Advisors LP grew its position in shares of Erie Indemnity by 2,175.7% during the fourth quarter. First Trust Advisors LP now owns 237,421 shares of the financial services provider’s stock worth $58,311,000 after acquiring an additional 226,988 shares during the last quarter. Allegheny Financial Group LTD purchased a new position in shares of Erie Indemnity during the fourth quarter worth approximately $20,068,000. BlackRock Inc. grew its position in shares of Erie Indemnity by 4.3% during the fourth quarter. BlackRock Inc. now owns 1,799,132 shares of the financial services provider’s stock worth $441,866,000 after acquiring an additional 73,767 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Erie Indemnity by 193.8% during the fourth quarter. Wells Fargo & Company MN now owns 86,303 shares of the financial services provider’s stock worth $21,195,000 after acquiring an additional 56,932 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Erie Indemnity by 25.9% during the fourth quarter. New York State Common Retirement Fund now owns 240,234 shares of the financial services provider’s stock worth $59,001,000 after acquiring an additional 49,440 shares during the last quarter. Institutional investors and hedge funds own 35.03% of the company’s stock.

Erie Indemnity Company Profile

Erie Indemnity Co engages in the insurance business and operates as an attorney-in-fact. It manages affairs at the Erie Insurance Exchange for the benefit of the policyholders. It covers policies in auto and leisure, home and property, life, and business insurance. The company was founded by Henry Orth Hirt and Ollie Grover Crawford on April 4, 1925 and is headquartered in Erie, PA.

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