Erie Indemnity (NASDAQ:ERIE) Sees Large Increase in Short Interest

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Erie Indemnity (NASDAQ:ERIE) was the target of a significant growth in short interest during the month of October. As of October 30th, there was short interest totalling 890,300 shares, a growth of 13.1% from the October 15th total of 787,300 shares. Based on an average daily trading volume, of 70,000 shares, the days-to-cover ratio is currently 12.7 days. Currently, 3.5% of the shares of the company are sold short.

ERIE stock traded down $0.33 during midday trading on Friday, reaching $241.04. 50,066 shares of the company’s stock traded hands, compared to its average volume of 91,029. The firm has a market capitalization of $11.13 billion, a PE ratio of 43.43 and a beta of 0.50. The company has a 50-day moving average price of $230.68 and a two-hundred day moving average price of $204.70. Erie Indemnity has a 52 week low of $130.20 and a 52 week high of $247.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.71 and a current ratio of 1.71.

Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings results on Thursday, October 29th. The financial services provider reported $1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.06. Erie Indemnity had a return on equity of 24.73% and a net margin of 11.49%. As a group, analysts predict that Erie Indemnity will post 5.5 EPS for the current fiscal year.

A number of research analysts have recently commented on ERIE shares. BidaskClub cut Erie Indemnity from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 7th. William Blair reaffirmed an “outperform” rating on shares of Erie Indemnity in a report on Friday, July 31st. Finally, Zacks Investment Research lowered shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Tuesday, August 4th.

A number of hedge funds have recently bought and sold shares of the business. CENTRAL TRUST Co purchased a new stake in shares of Erie Indemnity in the third quarter worth about $92,000. Emerald Advisers LLC purchased a new stake in Erie Indemnity in the 2nd quarter worth approximately $109,000. Point72 Hong Kong Ltd bought a new position in Erie Indemnity in the 3rd quarter valued at $112,000. Private Advisor Group LLC purchased a new position in shares of Erie Indemnity during the 2nd quarter valued at $124,000. Finally, Gyon Technologies Capital Management LP purchased a new position in shares of Erie Indemnity during the 3rd quarter valued at $205,000. 35.11% of the stock is owned by institutional investors and hedge funds.

Erie Indemnity Company Profile

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, policy issuance, and renewal services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing; and other services consist of customer services and administrative support services, as well as information technology services.

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