Erie Indemnity (NASDAQ:ERIE) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “

A number of other brokerages have also recently issued reports on ERIE. BidaskClub upgraded Erie Indemnity from a buy rating to a strong-buy rating in a report on Thursday, May 9th. ValuEngine upgraded Erie Indemnity from a buy rating to a strong-buy rating in a report on Monday, June 3rd.

Shares of NASDAQ:ERIE opened at $265.03 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.10. Erie Indemnity has a 1 year low of $115.53 and a 1 year high of $267.79. The stock has a market cap of $12.24 billion, a PE ratio of 46.58 and a beta of 0.49. The business’s 50-day moving average price is $232.22.

Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.07. Erie Indemnity had a return on equity of 31.44% and a net margin of 12.39%. The business had revenue of $594.11 million during the quarter, compared to analysts’ expectations of $598.96 million. During the same quarter in the previous year, the business earned $1.26 EPS. Research analysts expect that Erie Indemnity will post 6.08 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Tuesday, July 9th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date is Monday, July 8th. Erie Indemnity’s payout ratio is currently 65.34%.

In other news, Director Elizabeth A. Vorsheck bought 686 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was acquired at an average price of $240.56 per share, for a total transaction of $165,024.16. Following the acquisition, the director now owns 69,516 shares of the company’s stock, valued at $16,722,768.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 46.87% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in shares of Erie Indemnity by 18.7% in the 3rd quarter. Morgan Stanley now owns 22,715 shares of the financial services provider’s stock worth $2,896,000 after acquiring an additional 3,571 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Erie Indemnity in the 4th quarter worth about $1,146,000. Prudential Financial Inc. lifted its holdings in shares of Erie Indemnity by 27.9% in the 4th quarter. Prudential Financial Inc. now owns 3,666 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 800 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Erie Indemnity by 1.4% in the 4th quarter. California Public Employees Retirement System now owns 63,587 shares of the financial services provider’s stock worth $8,477,000 after acquiring an additional 897 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Erie Indemnity by 4.9% in the 4th quarter. BlackRock Inc. now owns 1,002,319 shares of the financial services provider’s stock worth $133,620,000 after acquiring an additional 47,171 shares during the last quarter. 31.97% of the stock is currently owned by hedge funds and other institutional investors.

About Erie Indemnity

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.

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