Erie Indemnity (NASDAQ:ERIE) Short Interest Update

Erie Indemnity (NASDAQ:ERIE) saw a large growth in short interest in June. As of June 30th, there was short interest totalling 1,048,300 shares, a growth of 6.6% from the May 30th total of 983,400 shares. Based on an average trading volume of 202,400 shares, the short-interest ratio is currently 5.2 days. Approximately 4.3% of the company’s stock are sold short.

Several research analysts have commented on the stock. ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. BidaskClub upgraded shares of Zebra Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 6th. Finally, Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd.

NASDAQ ERIE opened at $264.13 on Wednesday. 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 52 week low of $117.73 and a 52 week high of $268.81. The firm has a market cap of $12.25 billion, a PE ratio of 46.61 and a beta of 0.49. The business’s 50 day moving average price is $245.88.

Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, beating 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 business had revenue of $594.11 million during the quarter, compared to analysts’ expectations of $598.96 million. During the same quarter in the prior year, the business posted $1.26 EPS. Sell-side analysts predict that Erie Indemnity will post 6.08 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Tuesday, July 9th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Monday, July 8th. Erie Indemnity’s payout ratio is 65.34%.

In other news, Director Elizabeth A. Vorsheck purchased 686 shares of the stock in a transaction on Tuesday, June 11th. The stock was bought at an average price of $240.56 per share, for a total transaction of $165,024.16. Following the acquisition, the director now directly owns 69,516 shares of the company’s stock, valued at approximately $16,722,768.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 46.87% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Signaturefd LLC boosted its holdings in shares of Erie Indemnity by 58.4% in the 1st quarter. Signaturefd LLC now owns 179 shares of the financial services provider’s stock valued at $32,000 after buying an additional 66 shares in the last quarter. CNB Bank boosted its holdings in shares of Erie Indemnity by 4.8% in the 1st quarter. CNB Bank now owns 2,396 shares of the financial services provider’s stock valued at $428,000 after buying an additional 109 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Erie Indemnity by 83.0% in the 1st quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $48,000 after buying an additional 122 shares in the last quarter. Capital Investment Advisory Services LLC boosted its holdings in shares of Erie Indemnity by 50.0% in the 1st quarter. Capital Investment Advisory Services LLC now owns 408 shares of the financial services provider’s stock valued at $73,000 after buying an additional 136 shares in the last quarter. Finally, Carroll Financial Associates Inc. acquired a new position in shares of Erie Indemnity in the 1st quarter valued at $25,000. Institutional investors and hedge funds own 31.97% 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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