Shares of Erie Indemnity (NASDAQ:ERIE) have received an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating.
Zacks has also assigned Erie Indemnity an industry rank of 163 out of 256 based on the ratings given to its competitors.
Several research analysts have recently commented on the company. BidaskClub upgraded Erie Indemnity from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Zacks Investment Research lowered Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, ValuEngine upgraded Erie Indemnity from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 3rd.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, May 2nd. The financial services provider reported $1.44 EPS for the quarter, topping the 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 period last year, the business posted $1.26 earnings per share. Equities research analysts predict that Erie Indemnity will post 6.08 earnings per share for the current fiscal year.
The company also recently declared 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. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.60 annualized dividend and a dividend yield of 1.36%. Erie Indemnity’s dividend payout ratio is currently 65.34%.
In other news, Director Elizabeth A. Vorsheck purchased 686 shares of the stock in a transaction dated Tuesday, June 11th. The stock was acquired at an average cost of $240.56 per share, for a total transaction of $165,024.16. Following the completion of the transaction, the director now directly owns 69,516 shares in the company, valued at approximately $16,722,768.96. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 46.87% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ERIE. Prudential Financial Inc. boosted its holdings in Erie Indemnity by 27.9% in the fourth quarter. Prudential Financial Inc. now owns 3,666 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 800 shares during the period. California Public Employees Retirement System boosted its holdings in Erie Indemnity by 1.4% in the fourth quarter. California Public Employees Retirement System now owns 63,587 shares of the financial services provider’s stock valued at $8,477,000 after purchasing an additional 897 shares during the period. BlackRock Inc. boosted 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 purchasing an additional 47,171 shares during the period. Citigroup Inc. boosted its holdings in Erie Indemnity by 19.2% in the fourth quarter. Citigroup Inc. now owns 964 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 155 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Erie Indemnity by 4.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 280,178 shares of the financial services provider’s stock valued at $37,349,000 after purchasing an additional 12,976 shares during the period. Hedge funds and other institutional investors 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.
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