Erie Indemnity (NASDAQ:ERIE) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday, BidAskClub reports.

ERIE has been the topic of several other reports. ValuEngine cut Erie Indemnity from a buy rating to a hold rating in a research note on Tuesday, March 17th. Zacks Investment Research cut Erie Indemnity from a hold rating to a sell rating in a research note on Monday, May 18th.

Shares of ERIE opened at $188.50 on Friday. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $178.06 and its 200 day moving average is $168.39. Erie Indemnity has a 12-month low of $130.20 and a 12-month high of $270.23. The stock has a market cap of $8.77 billion, a P/E ratio of 32.78 and a beta of 0.55.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, May 7th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.40). Erie Indemnity had a net margin of 12.03% and a return on equity of 27.15%. The company had revenue of $616.74 million for the quarter, compared to the consensus estimate of $618.20 million. During the same quarter last year, the business posted $1.44 earnings per share. On average, analysts expect that Erie Indemnity will post 5.6 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th will be given a dividend of $0.965 per share. This represents a $3.86 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Monday, July 6th. Erie Indemnity’s dividend payout ratio is presently 63.70%.

Several institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Erie Indemnity by 49.1% during the 1st quarter. Parallel Advisors LLC now owns 237 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 78 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Erie Indemnity by 1.5% during the 4th quarter. Advisors Asset Management Inc. now owns 6,295 shares of the financial services provider’s stock valued at $1,045,000 after purchasing an additional 95 shares during the last quarter. Bank of Montreal Can increased its holdings in Erie Indemnity by 3.1% in the 4th quarter. Bank of Montreal Can now owns 4,190 shares of the financial services provider’s stock worth $695,000 after acquiring an additional 127 shares during the last quarter. Van ECK Associates Corp increased its holdings in Erie Indemnity by 10.4% in the 1st quarter. Van ECK Associates Corp now owns 1,386 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 130 shares during the last quarter. Finally, FMR LLC purchased a new stake in Erie Indemnity in the 4th quarter worth about $25,000. 35.00% of the stock is owned by hedge funds and other institutional investors.

About Erie Indemnity

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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