Bishop & Co. Investment Management LLC continued to hold its stake in Erie Indemnity Co. (NASDAQ:ERIE) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,133 shares of the company’s stock at the end of the second quarter. Erie Indemnity comprises 1.4% of Bishop & Co. Investment Management LLC’s investment portfolio, making the stock its 10th largest position. Bishop & Co. Investment Management LLC’s holdings in Erie Indemnity were worth $1,305,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of ERIE. Capital Fund Management S.A. raised its stake in Erie Indemnity by 189.5% in the second quarter. Capital Fund Management S.A. now owns 16,500 shares of the company’s stock worth $1,639,000 after buying an additional 10,800 shares during the period. Bank of Montreal Can bought a new stake in Erie Indemnity during the second quarter worth about $762,000. Robeco Institutional Asset Management B.V. raised its stake in Erie Indemnity by 5.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 46,657 shares of the company’s stock worth $4,635,000 after buying an additional 2,449 shares during the period. Creative Planning raised its stake in Erie Indemnity by 2,093.8% in the second quarter. Creative Planning now owns 6,735 shares of the company’s stock worth $669,000 after buying an additional 6,428 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in Erie Indemnity during the first quarter worth about $214,000. 30.45% of the stock is owned by institutional investors and hedge funds.
Erie Indemnity Co. (NASDAQ:ERIE) traded up 1.26% during trading on Friday, reaching $102.07. The company had a trading volume of 76,491 shares. The company has a market capitalization of $5.34 billion, a PE ratio of 28.67 and a beta of 0.54. Erie Indemnity Co. has a 52-week low of $80.08 and a 52-week high of $104.21. The company has a 50 day moving average price of $100.12 and a 200 day moving average price of $96.79.
Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, July 28th. The company reported $1.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.12. The firm had revenue of $70 million for the quarter, compared to analysts’ expectations of $430.66 million. Erie Indemnity had a return on equity of 7.24% and a net margin of 7.49%. On average, equities analysts forecast that Erie Indemnity Co. will post $3.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.86%. The ex-dividend date is Monday, October 3rd. Erie Indemnity’s payout ratio is 82.25%.
Separately, Zacks Investment Research upgraded Erie Indemnity from a “sell” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Thursday, August 4th.
In other Erie Indemnity news, EVP John F. Kearns sold 1,823 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $103.55, for a total value of $188,771.65. Following the sale, the executive vice president now owns 1,323 shares in the company, valued at approximately $136,996.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John F. Kearns sold 400 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $98.15, for a total value of $39,260.00. Following the completion of the sale, the executive vice president now owns 5,473 shares in the company, valued at approximately $537,174.95. The disclosure for this sale can be found here. 47.46% of the stock is owned by company insiders.
About Erie Indemnity
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 primary 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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