Franklin Resources Inc. cut its position in shares of Erie Indemnity (NASDAQ:ERIE) by 3.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,892,737 shares of the financial services provider’s stock after selling 68,869 shares during the quarter. Franklin Resources Inc. owned 4.10% of Erie Indemnity worth $230,611,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Erie Indemnity by 1.9% during the 4th quarter. Renaissance Technologies LLC now owns 132,371 shares of the financial services provider’s stock valued at $16,128,000 after purchasing an additional 2,500 shares during the period. CWA Asset Management Group LLC increased its position in shares of Erie Indemnity by 7.4% during the 4th quarter. CWA Asset Management Group LLC now owns 20,290 shares of the financial services provider’s stock valued at $2,472,000 after purchasing an additional 1,393 shares during the period. Geode Capital Management LLC increased its position in shares of Erie Indemnity by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 207,053 shares of the financial services provider’s stock valued at $25,227,000 after purchasing an additional 1,932 shares during the period. Commerce Bank increased its position in shares of Erie Indemnity by 8.1% during the 4th quarter. Commerce Bank now owns 9,250 shares of the financial services provider’s stock valued at $1,127,000 after purchasing an additional 690 shares during the period. Finally, BlackRock Inc. increased its position in shares of Erie Indemnity by 0.5% during the 4th quarter. BlackRock Inc. now owns 947,391 shares of the financial services provider’s stock valued at $115,430,000 after purchasing an additional 4,936 shares during the period. Institutional investors own 31.04% of the company’s stock.
Erie Indemnity (ERIE) opened at $118.78 on Monday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $5,486.69, a price-to-earnings ratio of 31.59 and a beta of 0.44. Erie Indemnity has a 1-year low of $106.63 and a 1-year high of $129.73.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Investors of record on Friday, April 6th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Thursday, April 5th. Erie Indemnity’s payout ratio is 89.36%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 target price on the stock in a report on Tuesday, February 27th. BidaskClub upgraded Erie Indemnity from a “sell” rating to a “hold” rating in a report on Saturday, February 10th.
In related news, Director Luann Datesh bought 210 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were acquired at an average cost of $119.87 per share, for a total transaction of $25,172.70. Following the acquisition, the director now directly owns 410 shares of the company’s stock, valued at approximately $49,146.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy G. Necastro bought 493 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $115.18 per share, for a total transaction of $56,783.74. Following the completion of the acquisition, the chief executive officer now directly owns 12,006 shares in the company, valued at $1,382,851.08. The disclosure for this purchase can be found here. Insiders purchased a total of 928 shares of company stock worth $108,668 over the last 90 days. Insiders own 46.79% of the company’s stock.
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Erie Indemnity 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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