Zacks: Erie Indemnity Company (ERIE) Receives Consensus Recommendation of “Strong Buy” from Analysts
Erie Indemnity Company (NASDAQ:ERIE) has been given an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating.
Zacks has also given Erie Indemnity an industry rank of 228 out of 265 based on the ratings given to related companies.
A number of analysts have weighed in on ERIE shares. Zacks Investment Research upgraded shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th.
Erie Indemnity (ERIE) traded up 4.46% on Friday, reaching $121.60. 61,381 shares of the company traded hands. The company has a market capitalization of $6.36 billion, a PE ratio of 30.40 and a beta of 0.47. Erie Indemnity has a 52-week low of $96.01 and a 52-week high of $129.73. The stock has a 50-day moving average of $123.02 and a 200 day moving average of $121.53.
Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by $0.09. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. The company had revenue of $448.56 million during the quarter, compared to analyst estimates of $447.41 million. On average, equities analysts forecast that Erie Indemnity will post $3.90 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Thursday, October 5th will be given a $0.783 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $3.13 dividend on an annualized basis and a yield of 2.58%. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s dividend payout ratio (DPR) is currently 78.45%.
A number of institutional investors have recently modified their holdings of ERIE. JPMorgan Chase & Co. boosted its position in Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock valued at $134,000 after buying an additional 240 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Erie Indemnity by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock valued at $171,000 after buying an additional 91 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Erie Indemnity in the first quarter valued at approximately $181,000. NN Investment Partners Holdings N.V. acquired a new stake in Erie Indemnity in the second quarter valued at approximately $183,000. Finally, Keybank National Association OH acquired a new stake in Erie Indemnity in the first quarter valued at approximately $202,000. Hedge funds and other institutional investors own 30.97% of the company’s stock.
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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