Erie Indemnity Company (NASDAQ:ERIE) Shares Bought by Morgan Stanley
Morgan Stanley raised its stake in Erie Indemnity Company (NASDAQ:ERIE) by 22.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,122 shares of the financial services provider’s stock after buying an additional 6,008 shares during the period. Morgan Stanley’s holdings in Erie Indemnity were worth $4,064,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of ERIE. Janney Montgomery Scott LLC boosted its position in Erie Indemnity by 11.6% in the first quarter. Janney Montgomery Scott LLC now owns 4,280 shares of the financial services provider’s stock valued at $525,000 after buying an additional 446 shares in the last quarter. SG Americas Securities LLC acquired a new position in Erie Indemnity during the first quarter valued at $181,000. Teachers Advisors LLC boosted its position in Erie Indemnity by 62.8% in the fourth quarter. Teachers Advisors LLC now owns 43,158 shares of the financial services provider’s stock valued at $4,853,000 after buying an additional 16,654 shares in the last quarter. Swiss National Bank boosted its position in Erie Indemnity by 0.7% in the first quarter. Swiss National Bank now owns 42,009 shares of the financial services provider’s stock valued at $5,155,000 after buying an additional 300 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Erie Indemnity by 15.7% in the first quarter. UBS Asset Management Americas Inc. now owns 11,499 shares of the financial services provider’s stock valued at $1,411,000 after buying an additional 1,557 shares in the last quarter. 30.90% of the stock is currently owned by institutional investors and hedge funds.
Erie Indemnity Company (NASDAQ:ERIE) traded up 0.55% on Monday, reaching $123.38. The company’s stock had a trading volume of 3,124 shares. Erie Indemnity Company has a 12-month low of $96.01 and a 12-month high of $129.73. The stock has a market cap of $6.45 billion, a PE ratio of 30.84 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 earnings results on Thursday, July 27th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.21 by $0.09. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. The business had revenue of $448.56 million for the quarter, compared to analysts’ expectations of $447.41 million. On average, equities analysts expect that Erie Indemnity Company will post $3.90 EPS for the current year.
The firm also recently announced 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 represents a $3.13 annualized dividend and a yield of 2.55%. This is an increase from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio (DPR) is currently 78.45%.
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ERIE has been the topic of several research analyst reports. Zacks Investment Research cut Erie Indemnity from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 1st. BidaskClub raised Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th.
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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