BidaskClub downgraded shares of Erie Indemnity (NASDAQ:ERIE) from a strong-buy rating to a buy rating in a research note released on Tuesday, BidAskClub reports.

ERIE has been the topic of several other research reports. Zacks Investment Research raised shares of Erie Indemnity from a hold rating to a buy rating and set a $220.00 target price on the stock in a research note on Wednesday, May 8th. ValuEngine raised shares of Erie Indemnity from a buy rating to a strong-buy rating in a research note on Monday, June 3rd.

Shares of NASDAQ ERIE opened at $240.09 on Tuesday. The firm has a market capitalization of $11.09 billion, a P/E ratio of 43.57 and a beta of 0.35. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.10. Erie Indemnity has a one year low of $115.12 and a one year high of $242.60.

Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.07. Erie Indemnity had a net margin of 12.39% and a return on equity of 31.44%. The company had revenue of $594.11 million for the quarter, compared to analysts’ expectations of $598.96 million. During the same quarter in the previous year, the company posted $1.26 EPS. 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, July 23rd. Shareholders of record on Tuesday, July 9th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.60 annualized dividend and a yield of 1.50%. Erie Indemnity’s dividend payout ratio (DPR) is presently 65.34%.

A number of institutional investors and hedge funds have recently made changes to their positions in ERIE. BlackRock Inc. lifted its position in Erie Indemnity by 4.9% in the fourth quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock valued at $133,620,000 after buying an additional 47,171 shares during the last quarter. Geode Capital Management LLC lifted its position in Erie Indemnity by 24.6% in the first quarter. Geode Capital Management LLC now owns 317,961 shares of the financial services provider’s stock valued at $56,762,000 after buying an additional 62,843 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Erie Indemnity by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 282,728 shares of the financial services provider’s stock valued at $50,469,000 after buying an additional 2,550 shares during the last quarter. Victory Capital Management Inc. lifted its position in Erie Indemnity by 5.2% in the fourth quarter. Victory Capital Management Inc. now owns 149,369 shares of the financial services provider’s stock valued at $19,912,000 after buying an additional 7,380 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Erie Indemnity by 284.4% in the first quarter. Goldman Sachs Group Inc. now owns 119,745 shares of the financial services provider’s stock valued at $21,377,000 after buying an additional 88,596 shares during the last quarter. 31.97% of the stock is currently owned by 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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