Erie Indemnity (NASDAQ:ERIE) has been given a consensus 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 rating.
Zacks has also assigned Erie Indemnity an industry rank of 99 out of 256 based on the ratings given to its competitors.
ERIE has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of Zebra Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 6th. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Finally, ValuEngine lowered shares of Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday, June 3rd.
In related news, Director Elizabeth A. Vorsheck acquired 686 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average cost of $240.56 per share, with a total value of $165,024.16. Following the completion of the transaction, the director now owns 69,516 shares of the company’s stock, valued at approximately $16,722,768.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 46.87% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Carroll Financial Associates Inc. purchased a new position in Erie Indemnity during the first quarter valued at approximately $25,000. Signaturefd LLC grew its position in Erie Indemnity by 58.4% during the first quarter. Signaturefd LLC now owns 179 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 66 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Erie Indemnity during the fourth quarter valued at approximately $27,000. Parallel Advisors LLC grew its position in Erie Indemnity by 83.0% during the first quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 122 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Erie Indemnity during the second quarter valued at approximately $76,000. 32.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ ERIE traded down $33.26 during midday trading on Monday, reaching $235.44. The company’s stock had a trading volume of 582,562 shares, compared to its average volume of 129,972. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average price of $255.65. Erie Indemnity has a one year low of $120.15 and a one year high of $270.23. The stock has a market capitalization of $12.41 billion, a P/E ratio of 42.73 and a beta of 0.49.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.04. Erie Indemnity had a net margin of 12.58% and a return on equity of 31.55%. The business had revenue of $647.71 million for the quarter, compared to analyst estimates of $651.43 million. Research analysts anticipate that Erie Indemnity will post 6.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Tuesday, July 9th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Monday, July 8th. Erie Indemnity’s payout ratio is presently 65.34%.
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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