Erie Indemnity Co. (ERIE) Hits New 12-Month High at $102.44
Erie Indemnity Co. (NASDAQ:ERIE) hit a new 52-week high on Friday . The stock traded as high as $102.44 and last traded at $101.59, with a volume of 11,808 shares traded. The stock had previously closed at $100.65.
Separately, Zacks Investment Research raised Erie Indemnity from a “sell” rating to a “buy” rating and set a $111.00 target price for the company in a research report on Thursday, August 4th.
The company’s 50-day moving average price is $98.40 and its 200 day moving average price is $95.95. The firm has a market capitalization of $5.27 billion and a PE ratio of 28.32.
Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, July 28th. The company reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.12. The business earned $70 million during the quarter, compared to analysts’ expectations of $430.66 million. On average, analysts forecast that Erie Indemnity Co. will post $3.78 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be issued a dividend of $0.73 per share. The ex-dividend date is Monday, October 3rd. This represents a $2.92 annualized dividend and a dividend yield of 2.90%.
In related news, EVP John F. Kearns sold 400 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $98.15, for a total transaction of $39,260.00. Following the completion of the sale, the executive vice president now directly owns 5,473 shares in the company, valued at $537,174.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP John F. Kearns sold 2,500 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $99.15, for a total value of $247,875.00. Following the sale, the executive vice president now owns 8,416 shares of the company’s stock, valued at $834,446.40. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Erie Indemnity stock. Advisors Asset Management Inc. boosted its stake in Erie Indemnity Co. (NASDAQ:ERIE) by 257.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,129 shares of the company’s stock after buying an additional 12,334 shares during the period. Advisors Asset Management Inc.’s holdings in Erie Indemnity were worth $1,638,000 at the end of the most recent reporting period.
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 primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.