Erie Indemnity (NASDAQ:ERIE) announced a quarterly dividend on Monday, February 26th, Wall Street Journal reports. Shareholders of record on Friday, April 6th will be paid a dividend of 0.84 per share by the financial services provider on Friday, April 20th. This represents a $3.36 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, April 5th.
Erie Indemnity has increased its dividend by an average of 7.2% per year over the last three years and has increased its dividend annually for the last 22 consecutive years. Erie Indemnity has a dividend payout ratio of 86.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Erie Indemnity to earn $5.17 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 65.0%.
Shares of Erie Indemnity (NASDAQ:ERIE) opened at $119.78 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.09 and a current ratio of 2.09. Erie Indemnity has a 52 week low of $106.63 and a 52 week high of $129.73. The stock has a market capitalization of $5,489.00, a PE ratio of 30.08 and a beta of 0.44.
In other news, Director Luann Datesh bought 210 shares of Erie Indemnity stock in a transaction on Friday, March 9th. The shares were purchased at an average price of $119.87 per share, for a total transaction of $25,172.70. Following the acquisition, the director now owns 410 shares of the company’s stock, valued at $49,146.70. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy G. Necastro bought 493 shares of Erie Indemnity stock in a transaction on Tuesday, February 27th. The shares were purchased at an average price of $115.18 per share, for a total transaction of $56,783.74. Following the acquisition, the chief executive officer now directly owns 12,006 shares in the company, valued at approximately $1,382,851.08. The disclosure for this purchase can be found here. Insiders have acquired a total of 928 shares of company stock valued at $108,668 in the last ninety days. 46.79% of the stock is currently owned by corporate insiders.
A hedge fund recently raised its stake in Erie Indemnity stock. The Manufacturers Life Insurance Company increased its stake in Erie Indemnity (NASDAQ:ERIE) by 7.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,369 shares of the financial services provider’s stock after buying an additional 91 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Erie Indemnity were worth $171,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 31.04% of the company’s stock.
ERIE has been the subject of a number of recent research reports. Zacks Investment Research raised Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 target price for the company in a research note on Tuesday, February 27th. BidaskClub raised Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th.
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About Erie Indemnity
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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