Erie Indemnity (ERIE) Receives Average Recommendation of “Strong Buy” from Analysts

Erie Indemnity (NASDAQ:ERIE) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

Zacks has also assigned Erie Indemnity an industry rank of 212 out of 265 based on the ratings given to its competitors.

Several equities analysts recently issued reports on the company. BidaskClub raised Erie Indemnity from a “strong sell” rating to a “sell” rating in a research report on Friday, February 2nd. Zacks Investment Research cut Erie Indemnity from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 25th.

Erie Indemnity traded down $0.02, hitting $111.75, during midday trading on Tuesday, Marketbeat reports. The company’s stock had a trading volume of 37,526 shares, compared to its average volume of 25,629. The stock has a market capitalization of $5.16 billion, a PE ratio of 28.29 and a beta of 0.41. Erie Indemnity has a 12 month low of $106.63 and a 12 month high of $129.73. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.09.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, February 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. The business had revenue of $401.40 million for the quarter. Erie Indemnity had a return on equity of 26.27% and a net margin of 11.52%. research analysts predict that Erie Indemnity will post 4.91 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 20th. Stockholders of record on Friday, July 6th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $3.36 annualized dividend and a dividend yield of 3.01%. Erie Indemnity’s payout ratio is 85.06%.

In other news, CEO Timothy G. Necastro purchased 493 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $115.18 per share, with a total value of $56,783.74. Following the acquisition, the chief executive officer now directly owns 12,006 shares of the company’s stock, valued at $1,382,851.08. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Luann Datesh purchased 210 shares of the stock in a transaction dated Friday, March 9th. The shares were purchased at an average cost of $119.87 per share, for a total transaction of $25,172.70. Following the completion of the acquisition, the director now directly owns 410 shares in the company, valued at $49,146.70. The disclosure for this purchase can be found here. Insiders have bought a total of 1,027 shares of company stock worth $119,651 over the last three months. Insiders own 46.79% of the company’s stock.

Several large investors have recently bought and sold shares of ERIE. Victory Capital Management Inc. increased its stake in shares of Erie Indemnity by 426.7% in the 1st quarter. Victory Capital Management Inc. now owns 102,764 shares of the financial services provider’s stock worth $12,089,000 after purchasing an additional 83,254 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Erie Indemnity by 41.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 197,934 shares of the financial services provider’s stock worth $23,285,000 after purchasing an additional 57,944 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Erie Indemnity by 8.6% in the 4th quarter. First Trust Advisors LP now owns 187,538 shares of the financial services provider’s stock worth $22,850,000 after purchasing an additional 14,924 shares in the last quarter. GWM Advisors LLC increased its stake in shares of Erie Indemnity by 22.5% in the 1st quarter. GWM Advisors LLC now owns 53,935 shares of the financial services provider’s stock worth $6,188,000 after purchasing an additional 9,917 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Erie Indemnity in the 4th quarter worth $914,000. Hedge funds and other institutional investors own 31.39% of the company’s stock.

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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