Pacer Advisors Inc. lifted its position in Erie Indemnity Company (NASDAQ:ERIE) by 16.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,611 shares of the financial services provider’s stock after buying 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 quarter.
Several other institutional investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its stake in Erie Indemnity by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 2,023 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 22 shares in the last quarter. Capstone Asset Management Co. raised its stake in Erie Indemnity by 2.0% in the first quarter. Capstone Asset Management Co. now owns 2,026 shares of the financial services provider’s stock valued at $249,000 after purchasing an additional 40 shares in the last quarter. State of Wisconsin Investment Board raised its stake in Erie Indemnity by 1.0% in the second quarter. State of Wisconsin Investment Board now owns 4,947 shares of the financial services provider’s stock valued at $619,000 after purchasing an additional 50 shares in the last quarter. Utah Retirement Systems raised its stake in Erie Indemnity by 2.3% in the second quarter. Utah Retirement Systems now owns 4,534 shares of the financial services provider’s stock valued at $567,000 after purchasing an additional 100 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Erie Indemnity by 3.6% in the second quarter. Janney Montgomery Scott LLC now owns 4,433 shares of the financial services provider’s stock valued at $554,000 after purchasing an additional 153 shares in the last quarter. 30.97% of the stock is currently owned by hedge funds and other institutional investors.
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ERIE has been the topic of a number of recent analyst reports. BidaskClub raised shares of Erie Indemnity from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Zacks Investment Research upgraded shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th.
Erie Indemnity Company (NASDAQ:ERIE) opened at 118.64 on Friday. The company has a market capitalization of $6.20 billion, a PE ratio of 29.66 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 firm’s 50-day moving average is $121.81 and its 200-day moving average is $121.58.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.09). The firm had revenue of $448.56 million for the quarter, compared to analysts’ expectations of $447.41 million. Erie Indemnity had a return on equity of 25.11% and a net margin of 12.73%. Equities analysts anticipate that Erie Indemnity Company will post $3.90 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Thursday, October 5th will be issued a dividend of $0.783 per share. This represents a $3.13 annualized dividend and a dividend yield of 2.64%. This is a boost 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 78.45%.
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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