Zacks: Erie Indemnity (ERIE) Given Average Recommendation of “Strong Buy” by Analysts
Erie Indemnity (NASDAQ:ERIE) has received a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.
Zacks has also assigned Erie Indemnity an industry rank of 189 out of 255 based on the ratings given to its competitors.
Separately, BidaskClub raised Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Thursday, June 28th.
Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, July 26th. The financial services provider reported $1.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.12. Erie Indemnity had a return on equity of 28.52% and a net margin of 11.59%. The firm had revenue of $621.46 million during the quarter, compared to the consensus estimate of $471.02 million. On average, sell-side analysts predict that Erie Indemnity will post 4.91 earnings per share for the current year.
The company also recently disclosed 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. This represents a $3.36 annualized dividend and a dividend yield of 2.75%. The ex-dividend date is Monday, October 8th. Erie Indemnity’s dividend payout ratio is currently 85.06%.
In other news, CEO Timothy G. Necastro acquired 1,550 shares of the stock in a transaction dated Tuesday, August 21st. The stock was bought at an average price of $127.89 per share, with a total value of $198,229.50. Following the completion of the purchase, the chief executive officer now directly owns 14,901 shares of the company’s stock, valued at approximately $1,905,688.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 46.84% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ERIE. Renaissance Technologies LLC increased its position in Erie Indemnity by 12.8% during the 2nd quarter. Renaissance Technologies LLC now owns 167,400 shares of the financial services provider’s stock valued at $19,629,000 after purchasing an additional 19,000 shares during the period. BlackRock Inc. boosted its holdings in shares of Erie Indemnity by 1.6% during the 2nd quarter. BlackRock Inc. now owns 960,736 shares of the financial services provider’s stock worth $112,654,000 after buying an additional 15,037 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Erie Indemnity by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 261,049 shares of the financial services provider’s stock worth $30,609,000 after buying an additional 10,782 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Erie Indemnity by 5.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 208,375 shares of the financial services provider’s stock worth $24,435,000 after buying an additional 10,441 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Erie Indemnity by 14.8% during the 2nd quarter. Rhumbline Advisers now owns 68,813 shares of the financial services provider’s stock worth $8,069,000 after buying an additional 8,859 shares in the last quarter. 31.23% of the stock is owned by institutional investors.
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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