Shares of Erie Indemnity Company (NASDAQ:ERIE) have received a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Zacks has also given Erie Indemnity an industry rank of 234 out of 265 based on the ratings given to its competitors.
Several research analysts have recently issued reports on ERIE shares. Zacks Investment Research downgraded shares of Erie Indemnity from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 1st. BidaskClub upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th.
In related news, CEO Timothy G. Necastro acquired 430 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average price of $116.24 per share, for a total transaction of $49,983.20. Following the completion of the transaction, the chief executive officer now directly owns 11,644 shares in the company, valued at $1,353,498.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 46.79% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Erie Indemnity by 7.7% in the first quarter. Vanguard Group Inc. now owns 2,287,427 shares of the financial services provider’s stock valued at $280,667,000 after buying an additional 163,116 shares during the last quarter. BlackRock Inc. increased its position in Erie Indemnity by 11,772.6% in the first quarter. BlackRock Inc. now owns 912,175 shares of the financial services provider’s stock valued at $111,923,000 after buying an additional 904,492 shares during the last quarter. State Street Corp increased its position in Erie Indemnity by 2.8% in the first quarter. State Street Corp now owns 344,605 shares of the financial services provider’s stock valued at $42,284,000 after buying an additional 9,271 shares during the last quarter. Bank of New York Mellon Corp increased its position in Erie Indemnity by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 197,236 shares of the financial services provider’s stock valued at $24,669,000 after buying an additional 4,984 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Erie Indemnity by 5.8% in the first quarter. Geode Capital Management LLC now owns 191,808 shares of the financial services provider’s stock valued at $23,534,000 after buying an additional 10,491 shares during the last quarter. Institutional investors own 30.83% of the company’s stock.
Shares of Erie Indemnity (NASDAQ ERIE) traded up 0.58% during trading on Wednesday, reaching $124.72. 16,271 shares of the company traded hands. The firm’s 50 day moving average is $124.53 and its 200-day moving average is $120.05. Erie Indemnity has a 12-month low of $96.01 and a 12-month high of $129.73. The stock has a market capitalization of $6.52 billion, a P/E ratio of 31.18 and a beta of 0.43.
Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.09. The business had revenue of $448.56 million during 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 anticipate that Erie Indemnity will post $3.98 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be given a dividend of $0.783 per share. This is an increase from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date is Wednesday, October 4th. This represents a $3.13 dividend on an annualized basis and a yield of 2.51%. Erie Indemnity’s dividend payout ratio is 78.45%.
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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