Erie Indemnity Co. (NASDAQ:ERIE) issued its earnings results on Thursday. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.02. The firm earned $70 million during the quarter, compared to the consensus estimate of $430.66 million.
Separately, Zacks Investment Research downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th.
Shares of Erie Indemnity (NASDAQ:ERIE) traded down 0.17% on Thursday, hitting $97.78. 18,750 shares of the stock traded hands. The stock has a market cap of $5.11 billion and a P/E ratio of 28.26. Erie Indemnity has a 52-week low of $79.39 and a 52-week high of $101.80. The stock’s 50 day moving average price is $97.27 and its 200 day moving average price is $95.18.
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 primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.