Erie Indemnity Co. (ERIE) Reaches New 12-Month High at $102.47
Shares of Erie Indemnity Co. (NASDAQ:ERIE) reached a new 52-week high during trading on Thursday . The company traded as high as $102.47 and last traded at $101.96, with a volume of 13,280 shares traded. The stock had previously closed at $102.03.
Separately, Zacks Investment Research upgraded shares of Erie Indemnity from a “sell” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Thursday, August 4th.
The company has a market cap of $5.42 billion and a P/E ratio of 29.13. The company has a 50 day moving average price of $99.06 and a 200-day moving average price of $96.20.
Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, July 28th. The company reported $1.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.12. The company had revenue of $70 million for the quarter, compared to analyst estimates of $430.66 million. Analysts anticipate that Erie Indemnity Co. will post $3.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Monday, October 3rd.
In other news, EVP John F. Kearns sold 400 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $98.15, for a total value of $39,260.00. Following the completion of the transaction, the executive vice president now owns 5,473 shares in the company, valued at approximately $537,174.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John F. Kearns sold 300 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $101.86, for a total transaction of $30,558.00. Following the completion of the transaction, the executive vice president now owns 1,823 shares of the company’s stock, valued at approximately $185,690.78. The disclosure for this sale can be found here.
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.
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