BidaskClub cut shares of Erie Indemnity (NASDAQ:ERIE) from a strong-buy rating to a buy rating in a report published on Wednesday.

Separately, ValuEngine raised Erie Indemnity from a hold rating to a buy rating in a research report on Monday, February 4th.

ERIE opened at $173.25 on Wednesday. The company has a market cap of $8.00 billion, a price-to-earnings ratio of 31.44 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 one year low of $110.22 and a one year high of $188.02.

Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, February 21st. The financial services provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates 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 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 23rd. Shareholders of record on Monday, April 8th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Friday, April 5th. Erie Indemnity’s payout ratio is 65.34%.

In other Erie Indemnity news, Director Salvatore Correnti purchased 320 shares of the stock in a transaction on 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 transaction, the director now directly owns 320 shares of the company’s stock, valued at approximately $40,579.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Louis F. Colaizzo purchased 750 shares of the stock in a transaction on Monday, December 31st. The shares were acquired at an average cost of $133.00 per share, with a total value of $99,750.00. Following the transaction, the senior vice president now directly owns 3,930 shares in the company, valued at $522,690. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,820 shares of company stock valued at $240,079 in the last ninety days. 46.84% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Citadel Advisors LLC grew its holdings in shares of Erie Indemnity by 52.6% during the 3rd quarter. Citadel Advisors LLC now owns 22,543 shares of the financial services provider’s stock worth $2,875,000 after acquiring an additional 7,769 shares during the period. Vanguard Group Inc grew its holdings in shares of Erie Indemnity by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 2,390,401 shares of the financial services provider’s stock worth $304,847,000 after acquiring an additional 40,987 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of Erie Indemnity during the 4th quarter worth approximately $2,851,000. Jackson Wealth Management LLC purchased a new position in shares of Erie Indemnity during the 4th quarter worth approximately $1,459,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Erie Indemnity by 7.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 207,583 shares of the financial services provider’s stock worth $26,474,000 after acquiring an additional 14,816 shares during the period. Hedge funds and other institutional investors own 31.77% of the company’s stock.

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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