Erie Indemnity Company (ERIE) Upgraded to Buy by BidaskClub

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

Separately, Zacks Investment Research raised shares of Erie Indemnity Company from a hold rating to a strong-buy rating and set a $137.00 price objective for the company in a research note on Tuesday, February 28th.

Erie Indemnity Company (NASDAQ:ERIE) traded up 2.31% on Friday, reaching $125.74. The company had a trading volume of 107,232 shares. The company’s 50-day moving average price is $118.75 and its 200 day moving average price is $117.04. Erie Indemnity Company has a 1-year low of $93.61 and a 1-year high of $126.25. The firm has a market capitalization of $6.57 billion, a P/E ratio of 31.05 and a beta of 0.42.

Erie Indemnity Company (NASDAQ:ERIE) last announced its quarterly earnings data on Monday, May 1st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by $0.04. Erie Indemnity Company had a net margin of 13.10% and a return on equity of 25.80%. The business had revenue of $399.32 million for the quarter, compared to analysts’ expectations of $394.47 million. During the same period in the prior year, the company posted $0.87 EPS. On average, equities analysts forecast that Erie Indemnity Company will post $4.05 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 20th. Investors of record on Thursday, July 6th will be paid a dividend of $0.7825 per share. The ex-dividend date is Monday, July 3rd. This represents a $3.13 annualized dividend and a yield of 2.49%. Erie Indemnity Company’s dividend payout ratio is presently 77.48%.

In other news, CEO Timothy G. Necastro purchased 430 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was acquired at an average price of $116.24 per share, with a total value of $49,983.20. Following the purchase, the chief executive officer now directly owns 11,644 shares in the company, valued at approximately $1,353,498.56. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 46.79% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its stake in Erie Indemnity Company by 11.6% in the first quarter. Janney Montgomery Scott LLC now owns 4,280 shares of the financial services provider’s stock valued at $525,000 after buying an additional 446 shares during the period. Russell Investments Group Ltd. purchased a new stake in Erie Indemnity Company during the fourth quarter valued at $5,629,000. Teachers Advisors LLC boosted its stake in Erie Indemnity Company by 62.8% in the fourth quarter. Teachers Advisors LLC now owns 43,158 shares of the financial services provider’s stock valued at $4,853,000 after buying an additional 16,654 shares during the period. Federated Investors Inc. PA purchased a new stake in Erie Indemnity Company during the fourth quarter valued at $466,000. Finally, State Street Corp boosted its stake in Erie Indemnity Company by 0.9% in the fourth quarter. State Street Corp now owns 335,334 shares of the financial services provider’s stock valued at $37,701,000 after buying an additional 2,974 shares during the period. 30.85% of the stock is owned by institutional investors and hedge funds.

About Erie Indemnity Company

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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