BidaskClub Downgrades Erie Indemnity Company (ERIE) to Hold

Erie Indemnity Company (NASDAQ:ERIE) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Monday, July 31st.

Separately, Zacks Investment Research upgraded shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th.

Shares of Erie Indemnity (NASDAQ:ERIE) traded down 0.49% during trading on Monday, hitting $122.70. 13,802 shares of the company were exchanged. The firm has a market capitalization of $6.42 billion, a PE ratio of 30.67 and a beta of 0.43. The firm’s 50-day moving average price is $124.46 and its 200 day moving average price is $120.49. Erie Indemnity has a 12 month low of $96.01 and a 12 month high of $129.73.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.09. The business had revenue of $448.56 million for the quarter, compared to analysts’ expectations of $447.41 million. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. On average, equities research analysts expect that Erie Indemnity will post $3.98 earnings per share for the current fiscal year.

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In other Erie Indemnity news, CEO Timothy G. Necastro purchased 430 shares of the business’s stock in a transaction on Monday, May 15th. The shares were bought at an average cost of $116.24 per share, for a total transaction of $49,983.20. Following the completion of the purchase, the chief executive officer now directly owns 11,644 shares of the company’s stock, valued at $1,353,498.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 46.79% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of ERIE. JPMorgan Chase & Co. increased its position in shares of Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock worth $134,000 after buying an additional 240 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Erie Indemnity during the first quarter worth approximately $181,000. NN Investment Partners Holdings N.V. bought a new position in shares of Erie Indemnity during the second quarter worth approximately $183,000. Keybank National Association OH bought a new position in shares of Erie Indemnity during the first quarter worth approximately $202,000. Finally, Atria Investments LLC bought a new position in shares of Erie Indemnity during the second quarter worth approximately $204,000. Institutional investors own 30.83% of the company’s stock.

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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