Shares of Erie Indemnity (NASDAQ:ERIE) have been given an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy recommendation.
Zacks has also assigned Erie Indemnity an industry rank of 59 out of 265 based on the ratings given to its competitors.
ERIE has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 price objective for the company in a research report on Tuesday, February 27th. BidaskClub raised shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th.
Shares of ERIE stock traded up $0.77 during trading hours on Friday, reaching $119.10. The stock had a trading volume of 14,995 shares, compared to its average volume of 33,120. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.09. Erie Indemnity has a 12 month low of $106.63 and a 12 month high of $129.73. The firm has a market capitalization of $5,444.65, a P/E ratio of 29.88 and a beta of 0.42.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, February 22nd. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Erie Indemnity had a net margin of 11.65% and a return on equity of 24.25%. The company had revenue of $401.40 million during the quarter. sell-side analysts predict that Erie Indemnity will post 4.91 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Investors of record on Friday, April 6th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Thursday, April 5th. Erie Indemnity’s dividend payout ratio is currently 85.06%.
In related news, CEO Timothy G. Necastro bought 493 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average cost of $115.18 per share, with a total value of $56,783.74. Following the completion of the purchase, the chief executive officer now directly owns 12,006 shares of the company’s stock, valued at approximately $1,382,851.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Luann Datesh bought 210 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was bought at an average cost of $119.87 per share, for a total transaction of $25,172.70. Following the completion of the purchase, the director now directly owns 410 shares of the company’s stock, valued at $49,146.70. The disclosure for this purchase can be found here. Insiders purchased 908 shares of company stock worth $105,682 over the last ninety days. 46.84% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in ERIE. Union Bankshares Corp purchased a new position in shares of Erie Indemnity during the fourth quarter worth approximately $16,071,000. California Public Employees Retirement System raised its stake in shares of Erie Indemnity by 7.7% during the third quarter. California Public Employees Retirement System now owns 90,481 shares of the financial services provider’s stock worth $10,909,000 after acquiring an additional 6,481 shares in the last quarter. Commerce Bank raised its stake in shares of Erie Indemnity by 8.1% during the fourth quarter. Commerce Bank now owns 9,250 shares of the financial services provider’s stock worth $1,127,000 after acquiring an additional 690 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Erie Indemnity by 14.5% during the fourth quarter. Wells Fargo & Company MN now owns 27,850 shares of the financial services provider’s stock worth $3,393,000 after acquiring an additional 3,527 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of Erie Indemnity by 0.5% during the fourth quarter. BlackRock Inc. now owns 947,391 shares of the financial services provider’s stock worth $115,430,000 after acquiring an additional 4,936 shares in the last quarter. 31.05% of the stock is currently owned by institutional investors and hedge funds.
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Erie Indemnity Company Profile
Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.
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