Erie Indemnity Company (ERIE) Rating Increased to Hold at Zacks Investment Research
Erie Indemnity Company (NASDAQ:ERIE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “
Separately, BidaskClub raised Erie Indemnity from a “hold” rating to a “buy” rating in a report on Saturday, June 17th.
Erie Indemnity (NASDAQ:ERIE) traded up 0.16% during mid-day trading on Tuesday, reaching $118.70. The company’s stock had a trading volume of 4,684 shares. The company has a 50-day moving average price of $119.89 and a 200-day moving average price of $121.38. Erie Indemnity has a 12-month low of $98.36 and a 12-month high of $129.73. The firm has a market cap of $6.21 billion, a PE ratio of 29.67 and a beta of 0.47.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.09). The firm had revenue of $448.56 million for the quarter, compared to the consensus estimate of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. On average, equities research analysts expect that Erie Indemnity will post $3.95 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of Erie Indemnity by 1.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 13,291 shares of the financial services provider’s stock valued at $1,662,000 after buying an additional 233 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Erie Indemnity by 1.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,715 shares of the financial services provider’s stock valued at $1,340,000 after buying an additional 125 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Erie Indemnity by 7.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock valued at $171,000 after buying an additional 91 shares during the period. State Street Corp lifted its holdings in shares of Erie Indemnity by 3.9% during the 2nd quarter. State Street Corp now owns 358,213 shares of the financial services provider’s stock valued at $44,808,000 after buying an additional 13,608 shares during the period. Finally, Janus Henderson Group PLC bought a new position in shares of Erie Indemnity during the 2nd quarter valued at $10,932,000. 30.97% of the stock is currently owned by hedge funds and other institutional investors.
About Erie Indemnity
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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