Erie Indemnity (NASDAQ:ERIE) Cut to “Hold” at BidaskClub

BidaskClub lowered shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a hold rating in a research report report published on Wednesday, BidAskClub reports.

Several other equities research analysts also recently weighed in on ERIE. ValuEngine downgraded shares of Erie Indemnity from a strong-buy rating to a buy rating in a research report on Wednesday, July 31st. Zacks Investment Research lowered shares of Erie Indemnity from a hold rating to a sell rating in a research note on Monday, August 19th.

Shares of ERIE opened at $214.84 on Wednesday. The firm has a market cap of $10.24 billion, a PE ratio of 37.90 and a beta of 0.47. The company’s fifty day moving average is $240.80 and its two-hundred day moving average is $206.84. Erie Indemnity has a fifty-two week low of $120.15 and a fifty-two week high of $270.23. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.09.

Erie Indemnity (NASDAQ:ERIE) last posted its earnings results on Thursday, July 25th. The financial services provider reported $1.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.04. Erie Indemnity had a net margin of 12.58% and a return on equity of 30.80%. The business had revenue of $647.71 million for the quarter, compared to analyst estimates of $651.43 million. As a group, equities research analysts anticipate that Erie Indemnity will post 6.05 earnings per share for the current year.

In related news, Director Elizabeth A. Vorsheck acquired 686 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were purchased at an average price of $240.56 per share, for a total transaction of $165,024.16. Following the purchase, the director now owns 69,516 shares in the company, valued at $16,722,768.96. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 46.87% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Treasurer of the State of North Carolina increased its position in Erie Indemnity by 2.6% in the 2nd quarter. Treasurer of the State of North Carolina now owns 10,639 shares of the financial services provider’s stock valued at $2,705,000 after acquiring an additional 273 shares in the last quarter. BlackRock Inc. boosted its stake in Erie Indemnity by 65.8% during the 2nd quarter. BlackRock Inc. now owns 1,662,853 shares of the financial services provider’s stock worth $422,831,000 after acquiring an additional 660,031 shares during the last quarter. Royal Bank of Canada boosted its stake in Erie Indemnity by 63.9% during the 2nd quarter. Royal Bank of Canada now owns 1,095 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 427 shares during the last quarter. UBS Group AG boosted its stake in Erie Indemnity by 51.2% during the 2nd quarter. UBS Group AG now owns 26,114 shares of the financial services provider’s stock worth $6,641,000 after acquiring an additional 8,838 shares during the last quarter. Finally, United Services Automobile Association lifted its stake in Erie Indemnity by 183.5% in the second quarter. United Services Automobile Association now owns 13,131 shares of the financial services provider’s stock valued at $3,339,000 after buying an additional 8,500 shares in the last quarter. Institutional investors own 33.97% of the company’s stock.

Erie Indemnity Company Profile

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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