Commerce Bank Has $1.13 Million Position in Erie Indemnity (ERIE)
Commerce Bank lifted its stake in shares of Erie Indemnity (NASDAQ:ERIE) by 8.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,250 shares of the financial services provider’s stock after buying an additional 690 shares during the period. Commerce Bank’s holdings in Erie Indemnity were worth $1,127,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. SeaCrest Wealth Management LLC purchased a new position in shares of Erie Indemnity during the fourth quarter valued at approximately $161,000. The Manufacturers Life Insurance Company boosted its position in shares of Erie Indemnity by 7.1% during the second 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 last quarter. Public Employees Retirement Association of Colorado boosted its position in shares of Erie Indemnity by 100.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,559 shares of the financial services provider’s stock valued at $190,000 after buying an additional 783 shares during the last quarter. Keybank National Association OH purchased a new position in shares of Erie Indemnity during the fourth quarter valued at approximately $201,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Erie Indemnity during the fourth quarter valued at approximately $231,000. 31.10% of the stock is currently owned by institutional investors.
A number of analysts recently commented on ERIE shares. BidaskClub upgraded Erie Indemnity from a “strong sell” rating to a “sell” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 price target on the stock in a report on Tuesday, February 27th.
Shares of Erie Indemnity (NASDAQ ERIE) opened at $114.00 on Friday. The company has a market capitalization of $5,265.77, a price-to-earnings ratio of 28.86 and a beta of 0.44. Erie Indemnity has a fifty-two week low of $106.63 and a fifty-two week high of $129.73. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.09.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Investors of record on Friday, April 6th will be issued a dividend of $0.84 per share. The ex-dividend date is Thursday, April 5th. This represents a $3.36 dividend on an annualized basis and a yield of 2.95%. Erie Indemnity’s dividend payout ratio (DPR) is currently 89.36%.
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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