Erie Indemnity (ERIE) Holdings Cut by Russell Investments Group Ltd.
Russell Investments Group Ltd. decreased its stake in shares of Erie Indemnity (NASDAQ:ERIE) by 29.6% during the second quarter, HoldingsChannel reports. The firm owned 15,674 shares of the financial services provider’s stock after selling 6,600 shares during the quarter. Russell Investments Group Ltd.’s holdings in Erie Indemnity were worth $1,837,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in ERIE. US Bancorp DE boosted its stake in shares of Erie Indemnity by 70.2% during the 1st quarter. US Bancorp DE now owns 1,064 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 439 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Erie Indemnity during the 1st quarter valued at about $207,000. Clinton Group Inc. bought a new stake in shares of Erie Indemnity during the 1st quarter valued at about $262,000. Hartford Investment Management Co. bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $282,000. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Erie Indemnity by 280.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,663 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 1,963 shares in the last quarter. 31.23% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Timothy G. Necastro bought 1,550 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were purchased 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 owns 14,901 shares of the company’s stock, valued at approximately $1,905,688.89. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 46.84% of the company’s stock.
Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, July 26th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.12. The firm had revenue of $621.46 million for the quarter, compared to analyst estimates of $471.02 million. Erie Indemnity had a net margin of 11.59% and a return on equity of 28.52%. research analysts expect that Erie Indemnity will post 4.91 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 9th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Monday, October 8th. Erie Indemnity’s payout ratio is 85.06%.
Separately, BidaskClub lowered shares of Erie Indemnity from a “sell” rating to a “strong sell” rating in a research note on Friday, June 8th.
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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