Teacher Retirement System of Texas boosted its stake in Erie Indemnity Co. (NASDAQ:ERIE) by 13.8% during the second quarter, Holdings Channel reports. The institutional investor owned 3,577 shares of the company’s stock after buying an additional 434 shares during the period. Teacher Retirement System of Texas’ holdings in Erie Indemnity were worth $355,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ERIE. Bank of New York Mellon Corp boosted its position in Erie Indemnity by 15.3% in the second quarter. Bank of New York Mellon Corp now owns 228,264 shares of the company’s stock valued at $22,676,000 after buying an additional 30,372 shares during the last quarter. State Street Corp boosted its position in Erie Indemnity by 6.2% in the first quarter. State Street Corp now owns 345,949 shares of the company’s stock valued at $32,170,000 after buying an additional 20,321 shares during the last quarter. First Trust Advisors LP boosted its position in Erie Indemnity by 13.2% in the second quarter. First Trust Advisors LP now owns 132,763 shares of the company’s stock valued at $13,189,000 after buying an additional 15,430 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Erie Indemnity during the second quarter valued at approximately $1,380,000. Finally, Goldman Sachs Group Inc. boosted its position in Erie Indemnity by 68.9% in the first quarter. Goldman Sachs Group Inc. now owns 29,398 shares of the company’s stock valued at $2,734,000 after buying an additional 11,993 shares during the last quarter. 30.45% of the stock is owned by institutional investors and hedge funds.
Shares of Erie Indemnity Co. (NASDAQ:ERIE) traded up 0.31% during trading on Wednesday, hitting $100.45. 544 shares of the stock were exchanged. The company has a market cap of $5.25 billion, a P/E ratio of 28.22 and a beta of 0.55. The firm’s 50-day moving average is $100.44 and its 200 day moving average is $97.31. Erie Indemnity Co. has a 1-year low of $82.81 and a 1-year high of $104.21.
Erie Indemnity (NASDAQ:ERIE) last posted its earnings results on Thursday, July 28th. The company reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.12. Erie Indemnity had a return on equity of 7.24% and a net margin of 7.49%. The company earned $70 million during the quarter, compared to the consensus estimate of $430.66 million. Equities analysts forecast that Erie Indemnity Co. will post $3.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Monday, October 3rd. Erie Indemnity’s dividend payout ratio is currently 82.25%.
Separately, Zacks Investment Research cut shares of Erie Indemnity from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 4th.
In related news, EVP John F. Kearns sold 2,500 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $99.15, for a total value of $247,875.00. Following the completion of the transaction, the executive vice president now owns 8,416 shares of the company’s stock, valued at $834,446.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John F. Kearns sold 1,823 shares of the business’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $103.55, for a total value of $188,771.65. Following the completion of the transaction, the executive vice president now directly owns 1,323 shares of the company’s stock, valued at approximately $136,996.65. The disclosure for this sale can be found here. Insiders own 47.46% of the company’s stock.
Erie Indemnity Company Profile
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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