Erie Indemnity (NASDAQ:ERIE) Downgraded by BidaskClub to Buy

Erie Indemnity (NASDAQ:ERIE) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.

Other research analysts also recently issued research reports about the company. ValuEngine raised Erie Indemnity from a “buy” rating to a “strong-buy” rating in a report on Monday, June 3rd. 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 research note on Wednesday, May 8th.

NASDAQ:ERIE opened at $248.76 on Tuesday. Erie Indemnity has a 52-week low of $115.12 and a 52-week high of $249.06. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a market cap of $11.09 billion, a price-to-earnings ratio of 42.19 and a beta of 0.36.

Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the 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 the consensus estimate of $598.96 million. During the same quarter in the prior year, the business earned $1.26 EPS. On average, analysts expect that Erie Indemnity will post 6.08 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of ERIE. AJO LP lifted its stake in shares of Erie Indemnity by 859.3% in the 1st quarter. AJO LP now owns 108,636 shares of the financial services provider’s stock valued at $19,394,000 after purchasing an additional 97,311 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Erie Indemnity by 284.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 119,745 shares of the financial services provider’s stock valued at $21,377,000 after purchasing an additional 88,596 shares during the period. Fort Pitt Capital Group LLC acquired a new position in shares of Erie Indemnity in the 4th quarter valued at $11,164,000. Geode Capital Management LLC lifted its stake in shares of Erie Indemnity by 24.6% in the 1st quarter. Geode Capital Management LLC now owns 317,961 shares of the financial services provider’s stock valued at $56,762,000 after purchasing an additional 62,843 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of 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 during the period. 31.97% 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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