BidaskClub downgraded shares of Erie Indemnity (NASDAQ:ERIE) from a strong-buy rating to a buy rating in a research report report published on Wednesday morning.

Separately, ValuEngine upgraded Erie Indemnity from a hold rating to a buy rating in a research note on Monday, February 4th.

Shares of ERIE opened at $173.25 on Wednesday. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.10. Erie Indemnity has a 12 month low of $110.22 and a 12 month high of $188.02. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 31.44 and a beta of 0.50.

Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, February 21st. The financial services provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.01 by $0.18. Erie Indemnity had a return on equity of 31.89% and a net margin of 12.10%. The business had revenue of $576.47 million for the quarter. On average, equities research analysts expect that Erie Indemnity will post 6.08 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 23rd. Shareholders of record on Monday, April 8th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, April 5th. This represents a $3.60 annualized dividend and a yield of 2.08%. Erie Indemnity’s dividend payout ratio is 65.34%.

In other news, Director Salvatore Correnti purchased 320 shares of the stock in a transaction dated Wednesday, December 26th. The shares were purchased at an average cost of $126.81 per share, with a total value of $40,579.20. Following the acquisition, the director now directly owns 320 shares of the company’s stock, valued at $40,579.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Louis F. Colaizzo purchased 750 shares of the stock in a transaction dated Monday, December 31st. The shares were purchased at an average cost of $133.00 per share, for a total transaction of $99,750.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,820 shares of company stock worth $240,079. Company insiders own 46.84% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC lifted its holdings in shares of Erie Indemnity by 52.6% during the 3rd quarter. Citadel Advisors LLC now owns 22,543 shares of the financial services provider’s stock valued at $2,875,000 after buying an additional 7,769 shares during the period. Vanguard Group Inc lifted its holdings in shares of Erie Indemnity by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 2,390,401 shares of the financial services provider’s stock valued at $304,847,000 after buying an additional 40,987 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in shares of Erie Indemnity during the 4th quarter valued at $2,851,000. Jackson Wealth Management LLC bought a new position in shares of Erie Indemnity during the 4th quarter valued at $1,459,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Erie Indemnity by 7.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 207,583 shares of the financial services provider’s stock valued at $26,474,000 after buying an additional 14,816 shares during the period. 31.77% of the stock is currently owned by hedge funds and other institutional investors.

About Erie Indemnity

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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