Public Employees Retirement System of Ohio decreased its holdings in Erie Indemnity (NASDAQ:ERIE) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,717 shares of the financial services provider’s stock after selling 589 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Erie Indemnity were worth $1,374,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ERIE. Renaissance Technologies LLC lifted its position in shares of Erie Indemnity by 12.8% during the 2nd quarter. Renaissance Technologies LLC now owns 167,400 shares of the financial services provider’s stock worth $19,629,000 after buying an additional 19,000 shares in the last quarter. BlueMountain Capital Management LLC lifted its position in shares of Erie Indemnity by 55.1% during the 2nd quarter. BlueMountain Capital Management LLC now owns 7,696 shares of the financial services provider’s stock worth $902,000 after buying an additional 2,735 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Erie Indemnity by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 261,049 shares of the financial services provider’s stock worth $30,609,000 after buying an additional 10,782 shares in the last quarter. BlackRock Inc. lifted its position in shares of Erie Indemnity by 1.6% during the 2nd quarter. BlackRock Inc. now owns 960,736 shares of the financial services provider’s stock worth $112,654,000 after buying an additional 15,037 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in shares of Erie Indemnity by 1.7% during the 2nd quarter. Martingale Asset Management L P now owns 53,290 shares of the financial services provider’s stock worth $6,250,000 after buying an additional 900 shares in the last quarter. 31.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of ERIE stock opened at $121.99 on Friday. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.11. Erie Indemnity has a 12-month low of $106.63 and a 12-month high of $130.36. The company has a market cap of $5.89 billion, a PE ratio of 31.50 and a beta of 0.41.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.12. Erie Indemnity had a net margin of 11.59% and a return on equity of 28.52%. The company had revenue of $621.46 million during the quarter, compared to analyst estimates of $471.02 million. Equities analysts forecast that Erie Indemnity will post 4.91 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 9th will be paid a dividend of $0.84 per share. The ex-dividend date is Monday, October 8th. This represents a $3.36 annualized dividend and a dividend yield of 2.75%. Erie Indemnity’s payout ratio is currently 85.06%.
In related news, CEO Timothy G. Necastro purchased 1,550 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was bought at an average price of $127.89 per share, for a total transaction of $198,229.50. Following the purchase, the chief executive officer now directly owns 14,901 shares in the company, valued at approximately $1,905,688.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 46.84% of the company’s stock.
Separately, BidaskClub raised shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th.
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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