Analysts Anticipate Erie Indemnity Co. (NASDAQ:ERIE) to Announce $1.04 Earnings Per Share
Shares of Erie Indemnity Co. (NASDAQ:ERIE) have received 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 given Erie Indemnity an industry rank of 209 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research cut shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/10/analysts-anticipate-erie-indemnity-co-nasdaqerie-to-announce-1-04-earnings-per-share.html
In related news, EVP John F. Kearns sold 1,823 shares of the business’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $103.55, for a total value of $188,771.65. Following the completion of the transaction, the executive vice president now directly owns 1,323 shares in the company, valued at approximately $136,996.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John F. Kearns sold 400 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $98.15, for a total transaction of $39,260.00. Following the completion of the transaction, the executive vice president now owns 5,473 shares of the company’s stock, valued at $537,174.95. The disclosure for this sale can be found here. 47.46% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the stock. Teachers Advisors Inc. boosted its position in Erie Indemnity by 3.7% in the first quarter. Teachers Advisors Inc. now owns 23,483 shares of the company’s stock valued at $2,184,000 after buying an additional 843 shares in the last quarter. BlackRock Inc. boosted its position in Erie Indemnity by 235.2% in the first quarter. BlackRock Inc. now owns 2,990 shares of the company’s stock valued at $278,000 after buying an additional 2,098 shares in the last quarter. BlackRock Group LTD boosted its position in Erie Indemnity by 23.1% in the first quarter. BlackRock Group LTD now owns 17,884 shares of the company’s stock valued at $1,662,000 after buying an additional 3,359 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Erie Indemnity by 33.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 27,800 shares of the company’s stock valued at $2,585,000 after buying an additional 7,000 shares in the last quarter. Finally, State Street Corp boosted its position in Erie Indemnity by 6.2% in the first quarter. State Street Corp now owns 345,949 shares of the company’s stock valued at $32,170,000 after buying an additional 20,321 shares in the last quarter. Hedge funds and other institutional investors own 30.45% of the company’s stock.
Shares of Erie Indemnity (NASDAQ:ERIE) traded down 0.19% during mid-day trading on Monday, hitting $99.97. 20,366 shares of the stock were exchanged. Erie Indemnity has a 52-week low of $82.81 and a 52-week high of $104.21. The stock’s 50-day moving average price is $100.37 and its 200-day moving average price is $97.16. The company has a market cap of $5.23 billion, a P/E ratio of 28.08 and a beta of 0.55.
Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.05 by $0.12. Erie Indemnity had a net margin of 7.49% and a return on equity of 7.24%. The business earned $70 million during the quarter, compared to analysts’ expectations of $430.66 million. Equities research analysts anticipate that Erie Indemnity will post $3.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Monday, October 3rd. Erie Indemnity’s dividend payout ratio is currently 82.25%.
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 primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Erie Indemnity Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Erie Indemnity Co. and related companies with MarketBeat.com's FREE daily email newsletter.