Pacer Advisors Inc. raised its stake in Erie Indemnity Company (NASDAQ:ERIE) by 16.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,611 shares of the financial services provider’s stock after purchasing an additional 509 shares during the quarter. Pacer Advisors Inc.’s holdings in Erie Indemnity were worth $452,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of ERIE. JPMorgan Chase & Co. raised its holdings in Erie Indemnity by 28.2% during the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 240 shares during the last quarter. SG Americas Securities LLC acquired a new position in Erie Indemnity during the first quarter worth $181,000. NN Investment Partners Holdings N.V. acquired a new position in Erie Indemnity during the second quarter worth $183,000. Keybank National Association OH acquired a new position in Erie Indemnity during the first quarter worth $202,000. Finally, Atria Investments LLC acquired a new position in Erie Indemnity during the second quarter worth $204,000. Hedge funds and other institutional investors own 30.97% of the company’s stock.
Erie Indemnity Company (NASDAQ ERIE) traded down 0.12% during midday trading on Friday, reaching $118.12. The company’s stock had a trading volume of 55,911 shares. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 29.53 and a beta of 0.47. Erie Indemnity Company has a 12 month low of $98.36 and a 12 month high of $129.73. The stock’s 50-day moving average price is $122.33 and its 200-day moving average price is $121.60.
Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.09). Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. The business had revenue of $448.56 million for the quarter, compared to analyst estimates of $447.41 million. Analysts predict that Erie Indemnity Company will post $3.90 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be given a dividend of $0.783 per share. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date is Wednesday, October 4th. This represents a $3.13 annualized dividend and a dividend yield of 2.65%. Erie Indemnity’s dividend payout ratio (DPR) is currently 78.45%.
Several equities analysts recently issued reports on ERIE shares. BidaskClub cut Erie Indemnity from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Zacks Investment Research upgraded Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th.
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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