Zacks: Erie Indemnity (ERIE) Receives Average Recommendation of “Strong Buy” from Analysts

Erie Indemnity (NASDAQ:ERIE) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, 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 29 out of 256 based on the ratings given to related companies.

A number of equities research analysts have recently issued reports on the stock. BidaskClub raised shares of Erie Indemnity from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Zacks Investment Research raised shares of Erie Indemnity from a “hold” rating to a “buy” rating and set a $220.00 price objective for the company in a research report on Wednesday, May 8th. Finally, ValuEngine raised shares of Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Monday, February 4th.

Shares of ERIE stock opened at $201.02 on Thursday. Erie Indemnity has a 1 year low of $111.11 and a 1 year high of $209.33. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.10. The firm has a market cap of $9.29 billion, a PE ratio of 36.48 and a beta of 0.51.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.07. Erie Indemnity had a net margin of 12.39% and a return on equity of 31.44%. The firm had revenue of $594.11 million during the quarter, compared to the consensus estimate of $598.96 million. During the same quarter in the previous year, the firm posted $1.26 EPS. On average, sell-side analysts forecast that Erie Indemnity will post 6.08 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Tuesday, July 9th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, July 8th. Erie Indemnity’s payout ratio is 65.34%.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Erie Indemnity by 4.9% in the 4th quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock worth $133,620,000 after buying an additional 47,171 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in Erie Indemnity in the 4th quarter worth $2,851,000. Jackson Wealth Management LLC bought a new position in Erie Indemnity in the 4th quarter worth $1,459,000. Bank of New York Mellon Corp boosted its holdings in Erie Indemnity by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 207,583 shares of the financial services provider’s stock worth $26,474,000 after buying an additional 14,816 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in Erie Indemnity by 45.2% in the 4th quarter. Advisors Asset Management Inc. now owns 6,219 shares of the financial services provider’s stock worth $829,000 after buying an additional 1,935 shares during the period. 31.35% of the stock is owned by hedge funds and other institutional investors.

About Erie Indemnity

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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