Erie Indemnity (NASDAQ:ERIE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $131.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.25% from the company’s current price.
According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “
Separately, BidaskClub upgraded shares of Erie Indemnity from a “strong sell” rating to a “sell” rating in a research report on Friday, February 2nd.
In related news, CEO Timothy G. Necastro acquired 493 shares of Erie Indemnity stock in a transaction on Tuesday, February 27th. The stock was bought at an average cost of $115.18 per share, for a total transaction of $56,783.74. Following the completion of the transaction, the chief executive officer now owns 12,006 shares of the company’s stock, valued at approximately $1,382,851.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 46.79% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in Erie Indemnity by 0.5% during the fourth quarter. BlackRock Inc. now owns 947,391 shares of the financial services provider’s stock worth $115,430,000 after acquiring an additional 4,936 shares during the period. State Street Corp raised its position in Erie Indemnity by 3.9% during the second quarter. State Street Corp now owns 358,213 shares of the financial services provider’s stock worth $44,808,000 after acquiring an additional 13,608 shares during the period. Dimensional Fund Advisors LP raised its position in Erie Indemnity by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 248,060 shares of the financial services provider’s stock worth $29,907,000 after acquiring an additional 1,876 shares during the period. Geode Capital Management LLC raised its position in Erie Indemnity by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 207,053 shares of the financial services provider’s stock worth $25,227,000 after acquiring an additional 1,932 shares during the period. Finally, New York State Common Retirement Fund raised its position in Erie Indemnity by 8.1% during the third quarter. New York State Common Retirement Fund now owns 206,114 shares of the financial services provider’s stock worth $24,851,000 after acquiring an additional 15,506 shares during the period. Institutional investors own 31.10% 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 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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