Erie Indemnity Company (ERIE) Lifted to Hold at Zacks Investment Research
Erie Indemnity Company (NASDAQ:ERIE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “
Separately, BidaskClub upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating in a report on Saturday, June 17th.
Erie Indemnity (ERIE) traded down 2.82% during midday trading on Tuesday, reaching $119.22. The company had a trading volume of 59,854 shares. The stock has a market capitalization of $6.23 billion, a PE ratio of 29.81 and a beta of 0.47. Erie Indemnity has a 1-year low of $98.36 and a 1-year high of $129.73. The firm’s 50 day moving average is $120.22 and its 200 day moving average is $121.42.
Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.09). Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. The company had revenue of $448.56 million for the quarter, compared to analysts’ expectations of $447.41 million. On average, equities analysts anticipate that Erie Indemnity will post $3.95 EPS for the current fiscal year.
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Several hedge funds have recently bought and sold shares of ERIE. PNC Financial Services Group Inc. boosted its stake in shares of Erie Indemnity by 0.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,917,607 shares of the financial services provider’s stock worth $615,044,000 after acquiring an additional 24,203 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Erie Indemnity by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,316,616 shares of the financial services provider’s stock worth $289,739,000 after acquiring an additional 29,189 shares during the period. BlackRock Inc. grew its holdings in shares of Erie Indemnity by 3.1% in the 2nd quarter. BlackRock Inc. now owns 940,441 shares of the financial services provider’s stock worth $117,620,000 after acquiring an additional 28,266 shares during the period. State Street Corp grew its holdings in shares of Erie Indemnity by 3.9% in the 2nd quarter. State Street Corp now owns 358,213 shares of the financial services provider’s stock worth $44,808,000 after acquiring an additional 13,608 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Erie Indemnity by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 246,184 shares of the financial services provider’s stock worth $30,790,000 after acquiring an additional 1,082 shares during the period. Institutional investors own 30.97% of the company’s stock.
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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