Vanguard Group Inc. boosted its position in shares of Erie Indemnity Co. (NASDAQ:ERIE) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,946,209 shares of the company’s stock after buying an additional 51,642 shares during the period. Vanguard Group Inc. owned 3.72% of Erie Indemnity worth $193,337,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Group LTD raised its stake in shares of Erie Indemnity by 23.1% in the first quarter. BlackRock Group LTD now owns 17,884 shares of the company’s stock valued at $1,662,000 after buying an additional 3,359 shares in the last quarter. BlackRock Inc. raised its stake in shares of Erie Indemnity by 235.2% in the first quarter. BlackRock Inc. now owns 2,990 shares of the company’s stock valued at $278,000 after buying an additional 2,098 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of Erie Indemnity by 3.7% in the first quarter. Teachers Advisors Inc. now owns 23,483 shares of the company’s stock valued at $2,184,000 after buying an additional 843 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Erie Indemnity by 49.5% in the first quarter. Rafferty Asset Management LLC now owns 3,196 shares of the company’s stock valued at $297,000 after buying an additional 1,058 shares in the last quarter. Finally, Cadence Capital Management LLC bought a new stake in shares of Erie Indemnity during the second quarter valued at approximately $285,000. 30.44% of the stock is currently owned by institutional investors.
Erie Indemnity Co. (NASDAQ:ERIE) opened at 103.23 on Tuesday. The stock has a 50 day moving average of $100.76 and a 200 day moving average of $97.57. The stock has a market cap of $5.40 billion, a P/E ratio of 29.00 and a beta of 0.55. Erie Indemnity Co. has a 1-year low of $85.62 and a 1-year high of $104.70.
Erie Indemnity (NASDAQ:ERIE) last released 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. The firm had revenue of $70 million for the quarter, compared to the consensus estimate of $430.66 million. Erie Indemnity had a net margin of 7.49% and a return on equity of 7.24%. Equities analysts anticipate that Erie Indemnity Co. will post $3.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Monday, October 3rd. Erie Indemnity’s dividend payout ratio is presently 82.25%.
Separately, Zacks Investment Research raised shares of Erie Indemnity from a “sell” rating to a “buy” rating and set a $111.00 price objective on the stock in a research report on Thursday, August 4th.
In other news, EVP John F. Kearns sold 2,500 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $99.15, for a total value of $247,875.00. Following the sale, the executive vice president now directly owns 8,416 shares of the company’s stock, valued at approximately $834,446.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Kearns sold 1,823 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $103.55, for a total transaction of $188,771.65. Following the completion of the sale, the executive vice president now directly owns 1,323 shares in the company, valued at $136,996.65. The disclosure for this sale can be found here. 47.46% of the stock is currently owned by insiders.
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.
Receive News & Ratings for Erie Indemnity Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Erie Indemnity Co. and related companies with MarketBeat.com's FREE daily email newsletter.