Barings LLC continued to hold its stake in shares of Erie Indemnity Company (NASDAQ:ERIE) during the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,290 shares of the financial services provider’s stock at the end of the first quarter. Barings LLC’s holdings in Erie Indemnity were worth $281,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. State Street Corp increased its stake in shares of Erie Indemnity by 2.8% in the first quarter. State Street Corp now owns 344,605 shares of the financial services provider’s stock worth $42,284,000 after buying an additional 9,271 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Erie Indemnity by 9.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 101,370 shares of the financial services provider’s stock worth $12,439,000 after buying an additional 8,943 shares during the last quarter. BlackRock Inc. increased its stake in Erie Indemnity by 11,772.6% in the first quarter. BlackRock Inc. now owns 912,175 shares of the financial services provider’s stock worth $111,923,000 after buying an additional 904,492 shares during the last quarter. Citadel Advisors LLC increased its stake in Erie Indemnity by 66.5% in the first quarter. Citadel Advisors LLC now owns 17,079 shares of the financial services provider’s stock worth $2,096,000 after buying an additional 6,820 shares during the last quarter. Finally, Morgan Stanley increased its stake in Erie Indemnity by 22.2% in the first quarter. Morgan Stanley now owns 33,122 shares of the financial services provider’s stock worth $4,064,000 after buying an additional 6,008 shares during the last quarter. Hedge funds and other institutional investors own 30.83% of the company’s stock.
Erie Indemnity Company (NASDAQ:ERIE) traded down 1.63% during trading on Tuesday, hitting $124.00. The stock had a trading volume of 18,329 shares. The stock has a 50 day moving average price of $124.53 and a 200-day moving average price of $120.05. Erie Indemnity Company has a 12 month low of $96.01 and a 12 month high of $129.73. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 31.00 and a beta of 0.43.
Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by $0.09. The company had revenue of $448.56 million during the quarter, compared to analysts’ expectations of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. On average, equities analysts predict that Erie Indemnity Company will post $3.98 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be given a $0.783 dividend. This represents a $3.13 annualized dividend and a yield of 2.53%. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio is presently 78.45%.
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ERIE has been the subject of several recent research reports. Zacks Investment Research downgraded Erie Indemnity from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 1st. BidaskClub upgraded Erie Indemnity from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th.
In other Erie Indemnity news, CEO Timothy G. Necastro acquired 430 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was bought at an average cost of $116.24 per share, for a total transaction of $49,983.20. Following the completion of the transaction, the chief executive officer now owns 11,644 shares of the company’s stock, valued at approximately $1,353,498.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 46.79% of the company’s stock.
About Erie Indemnity
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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