OLD Republic International Corp maintained its position in shares of Erie Indemnity Company (NASDAQ:ERIE) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 222,600 shares of the financial services provider’s stock at the end of the second quarter. OLD Republic International Corp’s holdings in Erie Indemnity were worth $27,841,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock valued at $134,000 after buying an additional 240 shares during the period. SG Americas Securities LLC purchased a new position in shares of Erie Indemnity during the first quarter valued at approximately $181,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Erie Indemnity during the second quarter valued at approximately $183,000. Keybank National Association OH purchased a new position in shares of Erie Indemnity during the first quarter valued at approximately $202,000. Finally, Atria Investments LLC purchased a new position in shares of Erie Indemnity during the second quarter valued at approximately $204,000. Hedge funds and other institutional investors own 30.83% of the company’s stock.
Erie Indemnity Company (ERIE) opened at 122.70 on Friday. Erie Indemnity Company has a 52-week low of $96.01 and a 52-week high of $129.73. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 30.67 and a beta of 0.43. The company’s 50-day moving average price is $124.46 and its 200 day moving average price is $120.49.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by $0.09. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. The company had revenue of $448.56 million for the quarter, compared to the consensus estimate of $447.41 million. On average, equities analysts expect that Erie Indemnity Company will post $3.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Thursday, October 5th will be paid a dividend of $0.783 per share. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. This represents a $3.13 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, October 4th. Erie Indemnity’s payout ratio is presently 78.45%.
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Several equities analysts have recently commented on ERIE shares. BidaskClub upgraded Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Zacks Investment Research upgraded Erie Indemnity from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th.
In related news, CEO Timothy G. Necastro acquired 430 shares of Erie Indemnity stock in a transaction on Monday, May 15th. The shares were bought at an average cost of $116.24 per share, with a total value of $49,983.20. Following the completion of the purchase, the chief executive officer now directly owns 11,644 shares of the company’s stock, valued at approximately $1,353,498.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 46.79% of the company’s stock.
Erie Indemnity Company Profile
Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company’s function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
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