Erie Indemnity Company (ERIE) Position Lowered by Bank of America Corp DE
Bank of America Corp DE cut its stake in shares of Erie Indemnity Company (NASDAQ:ERIE) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,552 shares of the financial services provider’s stock after selling 280 shares during the period. Bank of America Corp DE’s holdings in Erie Indemnity were worth $3,012,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of ERIE. JPMorgan Chase & Co. increased its stake in shares of Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock valued at $134,000 after buying an additional 240 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Erie Indemnity during the first quarter valued at approximately $181,000. Keybank National Association OH purchased a new stake in shares of Erie Indemnity during the first quarter valued at approximately $202,000. Capstone Asset Management Co. increased its stake in shares of Erie Indemnity by 2.0% in the first quarter. Capstone Asset Management Co. now owns 2,026 shares of the financial services provider’s stock valued at $249,000 after buying an additional 40 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Erie Indemnity by 8.1% in the first quarter. ProShare Advisors LLC now owns 2,673 shares of the financial services provider’s stock valued at $328,000 after buying an additional 201 shares in the last quarter. Institutional investors own 30.83% of the company’s stock.
Shares of Erie Indemnity Company (NASDAQ ERIE) traded down 0.44% on Tuesday, reaching $125.50. 943 shares of the company traded hands. Erie Indemnity Company has a one year low of $96.01 and a one year high of $129.15. The firm’s 50 day moving average is $124.14 and its 200 day moving average is $119.90. The company has a market capitalization of $6.56 billion, a P/E ratio of 31.38 and a beta of 0.43.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 EPS for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.09. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. The company had revenue of $448.56 million during the quarter, compared to the consensus estimate of $447.41 million. Analysts expect that Erie Indemnity Company will post $3.98 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be paid a $0.783 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. This represents a $3.13 annualized dividend and a yield of 2.48%. Erie Indemnity’s dividend payout ratio (DPR) is 78.45%.
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Several equities research analysts have recently commented on the stock. BidaskClub upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Zacks Investment Research downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd.
In other Erie Indemnity news, CEO Timothy G. Necastro acquired 430 shares of Erie Indemnity stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average cost of $116.24 per share, with a total value of $49,983.20. Following the completion of the purchase, the chief executive officer now directly owns 11,644 shares of the company’s stock, valued at approximately $1,353,498.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 46.79% of the company’s stock.
Erie Indemnity Company 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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