BidaskClub Upgrades Erie Indemnity (ERIE) to Strong-Buy

BidaskClub upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a strong-buy rating in a report issued on Thursday morning, BidAskClub reports.

A number of other equities analysts have also issued reports on ERIE. ValuEngine raised Erie Indemnity from a hold rating to a buy rating in a report on Monday, February 4th. Zacks Investment Research raised Erie Indemnity from a hold rating to a buy rating and set a $220.00 price target on the stock in a report on Wednesday.

Shares of NASDAQ ERIE traded up $0.61 during midday trading on Thursday, reaching $197.37. 2,201 shares of the company were exchanged, compared to its average volume of 86,419. 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 1 year low of $110.95 and a 1 year high of $209.33. The firm has a market cap of $9.12 billion, a P/E ratio of 35.49 and a beta of 0.51.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.07. Erie Indemnity had a return on equity of 31.44% and a net margin of 12.39%. The firm had revenue of $594.11 million for the quarter, compared to analyst estimates of $598.96 million. During the same quarter last year, the company posted $1.26 earnings per share. As a group, analysts anticipate that Erie Indemnity will post 6.08 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Tuesday, July 9th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Monday, July 8th. Erie Indemnity’s dividend payout ratio is presently 65.34%.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Erie Indemnity by 4.9% in the 4th quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock valued at $133,620,000 after purchasing an additional 47,171 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Erie Indemnity in the 4th quarter valued at approximately $2,851,000. Jackson Wealth Management LLC purchased a new stake in Erie Indemnity in the 4th quarter valued at approximately $1,459,000. Bank of New York Mellon Corp boosted its holdings in Erie Indemnity by 7.7% in 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 purchasing an additional 14,816 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Erie Indemnity by 45.2% in the 4th quarter. Advisors Asset Management Inc. now owns 6,219 shares of the financial services provider’s stock valued at $829,000 after purchasing an additional 1,935 shares in the last quarter. 31.70% of the stock is currently owned by institutional investors.

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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