Erie Indemnity (NASDAQ:ERIE) Lifted to “Strong-Buy” at ValuEngine

ValuEngine upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a strong-buy rating in a research report report published on Monday, June 3rd, ValuEngine reports.

ERIE has been the subject of several other research reports. Zacks Investment Research upgraded Erie Indemnity from a hold rating to a buy rating and set a $220.00 price target for the company in a research note on Wednesday, May 8th. BidaskClub cut Erie Indemnity from a strong-buy rating to a buy rating in a report on Wednesday, March 13th.

Shares of Erie Indemnity stock traded up $4.39 during trading on Monday, reaching $254.28. The company’s stock had a trading volume of 233,100 shares, compared to its average volume of 139,855. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a market capitalization of $11.55 billion, a P/E ratio of 46.14 and a beta of 0.36. Erie Indemnity has a 1-year low of $115.53 and a 1-year high of $257.75. The company has a 50-day moving average price of $222.52.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.07. Erie Indemnity had a return on equity of 31.44% and a net margin of 12.39%. The business had revenue of $594.11 million during the quarter, compared to analyst estimates of $598.96 million. During the same quarter last year, the business posted $1.26 EPS. As a group, equities analysts predict that Erie Indemnity will post 6.08 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Tuesday, July 9th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Monday, July 8th. Erie Indemnity’s payout ratio is 65.34%.

In other news, Director Elizabeth A. Vorsheck acquired 686 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were bought at an average cost of $240.56 per share, for a total transaction of $165,024.16. Following the acquisition, the director now owns 69,516 shares in the company, valued at approximately $16,722,768.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 46.87% of the company’s stock.

Several institutional investors have recently modified their holdings of ERIE. AJO LP boosted its holdings in shares of Erie Indemnity by 859.3% during the 1st quarter. AJO LP now owns 108,636 shares of the financial services provider’s stock worth $19,394,000 after purchasing an additional 97,311 shares during the last quarter. Fort Pitt Capital Group LLC acquired a new position in Erie Indemnity in the fourth quarter valued at approximately $11,164,000. BlackRock Inc. lifted its holdings in Erie Indemnity by 4.9% in the fourth quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock valued at $133,620,000 after acquiring an additional 47,171 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Erie Indemnity by 168.9% in the first quarter. Janus Henderson Group PLC now owns 67,122 shares of the financial services provider’s stock valued at $11,983,000 after acquiring an additional 42,163 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Erie Indemnity by 71.4% in the first quarter. Robeco Institutional Asset Management B.V. now owns 84,969 shares of the financial services provider’s stock valued at $15,166,000 after acquiring an additional 35,404 shares during the last quarter. Institutional investors and hedge funds own 31.97% of the company’s stock.

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.

See Also: Cost of equity and a company’s balance sheet

To view ValuEngine’s full report, visit ValuEngine’s official website.

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