Erie Indemnity (ERIE) Sets New 1-Year High at $133.25
Erie Indemnity (NASDAQ:ERIE)’s share price hit a new 52-week high on Thursday . The stock traded as high as $133.25 and last traded at $133.28, with a volume of 307 shares changing hands. The stock had previously closed at $132.25.
ERIE has been the subject of several research reports. BidaskClub raised Erie Indemnity from a “sell” rating to a “hold” rating in a report on Wednesday, September 19th. ValuEngine raised Erie Indemnity from a “hold” rating to a “buy” rating in a report on Saturday, October 27th.
The firm has a market cap of $6.11 billion, a price-to-earnings ratio of 33.95 and a beta of 0.36. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.11.
In other news, CEO Timothy G. Necastro acquired 1,550 shares of Erie Indemnity stock in a transaction on Tuesday, August 21st. The stock was acquired at an average cost of $127.89 per share, with a total value of $198,229.50. Following the completion of the acquisition, the chief executive officer now owns 14,901 shares in the company, valued at $1,905,688.89. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 46.79% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Erie Indemnity by 72.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,154 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 485 shares during the period. CIBC Asset Management Inc bought a new position in shares of Erie Indemnity in the third quarter worth $205,000. Keybank National Association OH bought a new position in shares of Erie Indemnity in the third quarter worth $210,000. Stevens Capital Management LP bought a new position in shares of Erie Indemnity in the second quarter worth $267,000. Finally, Commonwealth Bank of Australia bought a new position in shares of Erie Indemnity in the third quarter worth $306,000. 31.19% of the stock is owned by institutional investors and hedge funds.
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About Erie Indemnity (NASDAQ:ERIE)
Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.
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