Erie Indemnity Company (NASDAQ:ERIE) released its quarterly earnings results on Thursday. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.11 by $0.01, Yahoo Finance reports. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%.
Shares of Erie Indemnity (ERIE) opened at 124.10 on Friday. The firm’s 50-day moving average price is $119.98 and its 200 day moving average price is $121.33. The stock has a market capitalization of $6.49 billion, a P/E ratio of 31.02 and a beta of 0.47. Erie Indemnity has a 12-month low of $98.36 and a 12-month high of $129.73.
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Several research firms recently commented on ERIE. BidaskClub lowered Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research lowered Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd.
A hedge fund recently raised its stake in Erie Indemnity stock. The Manufacturers Life Insurance Company raised its position in Erie Indemnity Company (NASDAQ:ERIE) by 7.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,369 shares of the financial services provider’s stock after buying an additional 91 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Erie Indemnity were worth $171,000 as of its most recent filing with the SEC. 30.86% of the stock is currently owned by institutional investors and hedge funds.
About Erie Indemnity
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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