Analysts Expect Erie Indemnity Company (ERIE) to Announce $0.76 EPS
Shares of Erie Indemnity Company (NASDAQ:ERIE) have been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating.
Zacks has also given Erie Indemnity an industry rank of 202 out of 265 based on the ratings given to its competitors.
A number of equities analysts have commented on ERIE shares. BidaskClub cut Erie Indemnity from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Zacks Investment Research raised Erie Indemnity from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd.
Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, October 26th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. Erie Indemnity had a return on equity of 24.98% and a net margin of 12.62%. The business had revenue of $442.49 million during the quarter, compared to analysts’ expectations of $437.72 million. analysts forecast that Erie Indemnity will post 3.9 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 23rd. Shareholders of record on Monday, January 8th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.82%. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s dividend payout ratio is presently 77.86%.
Several institutional investors have recently made changes to their positions in ERIE. Janus Henderson Group PLC acquired a new position in shares of Erie Indemnity during the second quarter valued at approximately $10,932,000. Vanguard Group Inc. grew its position in shares of Erie Indemnity by 1.3% in the second quarter. Vanguard Group Inc. now owns 2,316,616 shares of the financial services provider’s stock valued at $289,739,000 after purchasing an additional 29,189 shares in the last quarter. BlackRock Inc. grew its position in shares of Erie Indemnity by 3.1% in the second quarter. BlackRock Inc. now owns 940,441 shares of the financial services provider’s stock valued at $117,620,000 after purchasing an additional 28,266 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Erie Indemnity by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 4,917,607 shares of the financial services provider’s stock valued at $615,044,000 after purchasing an additional 24,203 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Erie Indemnity by 22.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 124,320 shares of the financial services provider’s stock valued at $15,549,000 after purchasing an additional 22,950 shares in the last quarter. 30.91% of the stock is owned by institutional investors and hedge funds.
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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