Royce & Associates LP lowered its holdings in Erie Indemnity (NASDAQ:ERIE) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 365,717 shares of the financial services provider’s stock after selling 14,383 shares during the period. Royce & Associates LP owned about 0.79% of Erie Indemnity worth $44,094,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in ERIE. OxFORD Asset Management LLP increased its stake in shares of Erie Indemnity by 30.2% during the third quarter. OxFORD Asset Management LLP now owns 13,658 shares of the financial services provider’s stock valued at $1,649,000 after acquiring an additional 3,166 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Erie Indemnity by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 248,060 shares of the financial services provider’s stock valued at $29,907,000 after acquiring an additional 1,876 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Erie Indemnity by 7.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 133,235 shares of the financial services provider’s stock valued at $16,065,000 after acquiring an additional 8,915 shares during the period. Assetmark Inc. increased its stake in shares of Erie Indemnity by 154.5% during the third quarter. Assetmark Inc. now owns 4,072 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 2,472 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in Erie Indemnity by 10.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,486 shares of the financial services provider’s stock worth $661,000 after buying an additional 516 shares during the last quarter. 30.90% of the stock is currently owned by institutional investors.
Erie Indemnity (ERIE) traded up $0.69 during midday trading on Friday, reaching $121.84. 21,362 shares of the company’s stock traded hands, compared to its average volume of 23,896. The stock has a market cap of $6,370.00, a PE ratio of 30.31 and a beta of 0.47. Erie Indemnity has a 12-month low of $106.91 and a 12-month high of $129.73. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.92 and a current ratio of 1.92.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 23rd. Investors of record on Monday, January 8th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, January 5th. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s payout ratio is presently 77.86%.
Separately, Zacks Investment Research upgraded shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd.
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Erie Indemnity Company Profile
Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company’s function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
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