BidaskClub Upgrades Erie Indemnity (ERIE) to “Sell”

Erie Indemnity (NASDAQ:ERIE) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Friday.

Shares of Erie Indemnity (ERIE) opened at $116.82 on Friday. Erie Indemnity has a 1-year low of $111.01 and a 1-year high of $129.73. The firm has a market capitalization of $5,395.80, a PE ratio of 29.06 and a beta of 0.42. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.06.

Several large investors have recently added to or reduced their stakes in ERIE. SeaCrest Wealth Management LLC purchased a new position in shares of Erie Indemnity during the 4th quarter valued at about $161,000. The Manufacturers Life Insurance Company raised its holdings in shares of Erie Indemnity by 7.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock valued at $171,000 after buying an additional 91 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Erie Indemnity by 100.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,559 shares of the financial services provider’s stock valued at $190,000 after buying an additional 783 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Erie Indemnity during the 4th quarter valued at about $231,000. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Erie Indemnity during the 3rd quarter valued at about $237,000. 31.18% of the stock is currently owned by hedge funds and other institutional investors.

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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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