Bank of New York Mellon Corp boosted its holdings in Erie Indemnity (NASDAQ:ERIE) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 197,777 shares of the financial services provider’s stock after purchasing an additional 622 shares during the period. Bank of New York Mellon Corp owned approximately 0.43% of Erie Indemnity worth $24,098,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. SeaCrest Wealth Management LLC bought a new stake in Erie Indemnity in the fourth quarter worth $161,000. The Manufacturers Life Insurance Company lifted its stake in Erie Indemnity by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 91 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Erie Indemnity by 100.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,559 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 783 shares during the last quarter. Keybank National Association OH bought a new stake in Erie Indemnity in the fourth quarter worth $201,000. Finally, State of Alaska Department of Revenue bought a new stake in Erie Indemnity in the fourth quarter worth $231,000. 31.04% of the stock is owned by institutional investors and hedge funds.
ERIE has been the subject of several recent research reports. BidaskClub raised shares of Erie Indemnity from a “strong sell” rating to a “sell” rating in a research note on Friday, February 2nd. Zacks Investment Research raised shares of Erie Indemnity from a “hold” rating to a “strong-buy” rating and set a $131.00 price objective for the company in a research note on Tuesday, February 27th.
Erie Indemnity (ERIE) opened at $119.38 on Tuesday. The company has a market cap of $5,537.04, a PE ratio of 31.75 and a beta of 0.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.09 and a current ratio of 2.09. Erie Indemnity has a one year low of $106.63 and a one year high of $129.73.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, February 22nd. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $401.40 million during the quarter. Erie Indemnity had a net margin of 11.65% and a return on equity of 24.25%. sell-side analysts predict that Erie Indemnity will post 4.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Friday, April 6th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, April 5th. Erie Indemnity’s dividend payout ratio (DPR) is 89.36%.
In other news, Director Luann Datesh acquired 210 shares of the stock in a transaction dated Friday, March 9th. The stock was purchased at an average cost of $119.87 per share, with a total value of $25,172.70. Following the completion of the purchase, the director now owns 410 shares in the company, valued at approximately $49,146.70. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy G. Necastro acquired 493 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $115.18 per share, with a total value of $56,783.74. Following the completion of the purchase, the chief executive officer now owns 12,006 shares of the company’s stock, valued at approximately $1,382,851.08. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 728 shares of company stock valued at $84,928. Insiders own 46.79% of the company’s stock.
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Erie Indemnity 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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