Advisor Group Inc. reduced its position in shares of Erie Indemnity (NASDAQ:ERIE) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,977 shares of the financial services provider’s stock after selling 756 shares during the quarter. Advisor Group Inc.’s holdings in Erie Indemnity were worth $1,063,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Erie Indemnity by 4.9% during the 4th quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock worth $133,620,000 after acquiring an additional 47,171 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Erie Indemnity by 1.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 49,565 shares of the financial services provider’s stock worth $6,575,000 after acquiring an additional 942 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Erie Indemnity by 1.4% during the 4th quarter. California Public Employees Retirement System now owns 63,587 shares of the financial services provider’s stock worth $8,477,000 after acquiring an additional 897 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in shares of Erie Indemnity during the 4th quarter worth $2,851,000. Finally, FDx Advisors Inc. bought a new stake in shares of Erie Indemnity during the 4th quarter worth $433,000. 31.77% of the stock is owned by hedge funds and other institutional investors.
ERIE has been the subject of several research reports. BidaskClub raised Erie Indemnity from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 21st. ValuEngine raised Erie Indemnity from a “hold” rating to a “buy” rating in a research note on Monday, February 4th.
In other Erie Indemnity news, SVP Louis F. Colaizzo bought 750 shares of Erie Indemnity stock in a transaction dated Monday, December 31st. The stock was bought at an average price of $133.00 per share, for a total transaction of $99,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Salvatore Correnti bought 320 shares of Erie Indemnity stock in a transaction dated Wednesday, December 26th. The stock was acquired at an average price of $126.81 per share, with a total value of $40,579.20. Following the acquisition, the director now directly owns 320 shares of the company’s stock, valued at $40,579.20. The disclosure for this purchase can be found here. Insiders bought 1,820 shares of company stock valued at $240,079 in the last 90 days. Corporate insiders own 46.84% of the company’s stock.
ERIE opened at $175.95 on Friday. The firm has a market cap of $8.09 billion, a PE ratio of 31.93 and a beta of 0.50. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.06 and a quick ratio of 2.06. Erie Indemnity has a fifty-two week low of $110.22 and a fifty-two week high of $188.02.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, February 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.18. The business had revenue of $576.47 million during the quarter. Erie Indemnity had a return on equity of 31.89% and a net margin of 12.10%. Equities research analysts forecast that Erie Indemnity will post 6.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 23rd. Stockholders of record on Monday, April 8th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Friday, April 5th. Erie Indemnity’s dividend payout ratio is presently 65.34%.
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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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