Erie Indemnity (ERIE) Holdings Boosted by Stevens Capital Management LP

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Stevens Capital Management LP boosted its holdings in shares of Erie Indemnity (NASDAQ:ERIE) by 144.0% during the first quarter, HoldingsChannel reports. The firm owned 4,202 shares of the financial services provider’s stock after purchasing an additional 2,480 shares during the period. Stevens Capital Management LP’s holdings in Erie Indemnity were worth $750,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ERIE. Carroll Financial Associates Inc. purchased a new position in Erie Indemnity during the first quarter worth approximately $25,000. Macquarie Group Ltd. purchased a new position in Erie Indemnity during the fourth quarter worth approximately $27,000. Capital Investment Advisory Services LLC purchased a new position in Erie Indemnity during the fourth quarter worth approximately $36,000. Parallel Advisors LLC boosted its position in Erie Indemnity by 83.0% during the first quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 122 shares in the last quarter. Finally, Citigroup Inc. boosted its position in Erie Indemnity by 19.2% during the fourth quarter. Citigroup Inc. now owns 964 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 155 shares in the last quarter. Institutional investors own 31.52% of the company’s stock.

A number of equities analysts have issued reports on ERIE shares. BidaskClub downgraded Erie Indemnity from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 13th. ValuEngine upgraded Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. Finally, Zacks Investment Research upgraded Erie Indemnity from a “hold” rating to a “buy” rating and set a $220.00 price target on the stock in a research report on Wednesday, May 8th.

Shares of NASDAQ ERIE traded up $1.54 during midday trading on Friday, hitting $203.78. The stock had a trading volume of 1,364 shares, compared to its average volume of 113,132. The company has a market cap of $9.25 billion, a PE ratio of 37.35 and a beta of 0.51. Erie Indemnity has a 1 year low of $110.95 and a 1 year high of $209.33. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.04 and a quick ratio of 2.04.

Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.07. The business had revenue of $594.11 million for the quarter, compared to the consensus estimate of $598.96 million. Erie Indemnity had a return on equity of 31.44% and a net margin of 12.39%. During the same quarter last year, the business posted $1.26 earnings per share. On average, equities research analysts anticipate that Erie Indemnity will post 6.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Tuesday, July 9th will be given a $0.90 dividend. The ex-dividend date is Monday, July 8th. This represents a $3.60 annualized dividend and a dividend yield of 1.77%. Erie Indemnity’s dividend payout ratio (DPR) is presently 65.34%.

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Erie Indemnity Profile

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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Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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