Erie Indemnity (ERIE) Expected to Post Earnings of $1.36 Per Share
Wall Street analysts predict that Erie Indemnity (NASDAQ:ERIE) will post earnings per share of $1.36 for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have provided estimates for Erie Indemnity’s earnings. Erie Indemnity reported earnings of $1.12 per share in the same quarter last year, which would suggest a positive year over year growth rate of 21.4%. The company is expected to report its next quarterly earnings report on Thursday, October 25th.
According to Zacks, analysts expect that Erie Indemnity will report full-year earnings of $4.91 per share for the current year. For the next fiscal year, analysts expect that the firm will post earnings of $5.17 per share. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Erie Indemnity.
Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.12. Erie Indemnity had a net margin of 11.59% and a return on equity of 28.52%. The business had revenue of $621.46 million during the quarter, compared to analysts’ expectations of $471.02 million.
In other news, CEO Timothy G. Necastro purchased 1,550 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was acquired at an average price of $127.89 per share, with a total value of $198,229.50. Following the purchase, the chief executive officer now directly owns 14,901 shares in the company, valued at approximately $1,905,688.89. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 46.79% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of Erie Indemnity by 70.2% in the 1st quarter. US Bancorp DE now owns 1,064 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 439 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Erie Indemnity by 0.9% in the 2nd quarter. Sei Investments Co. now owns 51,856 shares of the financial services provider’s stock worth $6,081,000 after acquiring an additional 465 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Erie Indemnity by 9.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,000 shares of the financial services provider’s stock worth $706,000 after acquiring an additional 508 shares during the last quarter. Xact Kapitalforvaltning AB lifted its holdings in shares of Erie Indemnity by 26.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 2,865 shares of the financial services provider’s stock worth $337,000 after acquiring an additional 600 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Erie Indemnity by 32.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,000 shares of the financial services provider’s stock worth $350,000 after acquiring an additional 730 shares during the last quarter. Hedge funds and other institutional investors own 31.23% of the company’s stock.
Shares of Erie Indemnity stock traded up $0.31 during mid-day trading on Thursday, hitting $126.50. The stock had a trading volume of 25,800 shares, compared to its average volume of 33,589. Erie Indemnity has a 12-month low of $106.63 and a 12-month high of $130.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.92 and a quick ratio of 1.92. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 32.31 and a beta of 0.39.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 9th will be paid a $0.84 dividend. The ex-dividend date of this dividend is Monday, October 8th. This represents a $3.36 annualized dividend and a dividend yield of 2.66%. Erie Indemnity’s dividend payout ratio (DPR) is 85.06%.
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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