Erie Indemnity (NASDAQ:ERIE) Lowered to “Hold” at BidaskClub

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Erie Indemnity (NASDAQ:ERIE) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday, BidAskClub reports.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Erie Indemnity from a “hold” rating to a “sell” rating in a report on Monday. ValuEngine lowered Erie Indemnity from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 31st.

Shares of ERIE opened at $225.18 on Wednesday. The business has a 50-day moving average of $241.72 and a 200 day moving average of $206.51. Erie Indemnity has a fifty-two week low of $120.15 and a fifty-two week high of $270.23. The firm has a market cap of $10.15 billion, a P/E ratio of 40.87 and a beta of 0.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.12 and a current ratio of 2.12.

Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.04. Erie Indemnity had a return on equity of 30.80% and a net margin of 12.58%. The company had revenue of $647.71 million during the quarter, compared to analyst estimates of $651.43 million. As a group, research analysts predict that Erie Indemnity will post 6.05 earnings per share for the current fiscal year.

In related news, Director Elizabeth A. Vorsheck bought 686 shares of Erie Indemnity stock in a transaction on Tuesday, June 11th. The stock was acquired at an average price of $240.56 per share, with a total value of $165,024.16. Following the acquisition, the director now directly owns 69,516 shares of the company’s stock, valued at $16,722,768.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 46.87% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of ERIE. Carroll Financial Associates Inc. purchased a new position in Erie Indemnity during the 1st quarter valued at about $25,000. CSat Investment Advisory L.P. purchased a new position in Erie Indemnity during the 2nd quarter valued at about $25,000. Krane Funds Advisors LLC bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $26,000. Signaturefd LLC boosted its position in shares of Erie Indemnity by 58.4% during the 1st quarter. Signaturefd LLC now owns 179 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 66 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Erie Indemnity by 83.0% during the 1st quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 122 shares during the last quarter. 33.97% of the stock is owned by institutional investors and hedge funds.

Erie Indemnity Company 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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