Sumitomo Mitsui Trust Holdings Inc. Buys New Stake in Erie Indemnity (NASDAQ:ERIE)

Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Erie Indemnity (NASDAQ:ERIE) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 118,512 shares of the financial services provider’s stock, valued at approximately $30,135,000. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.26% of Erie Indemnity as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ERIE. Carroll Financial Associates Inc. purchased a new stake in Erie Indemnity in the 1st quarter valued at approximately $25,000. Macquarie Group Ltd. purchased a new stake in Erie Indemnity in the 4th quarter valued at approximately $27,000. Signaturefd LLC lifted its stake in Erie Indemnity by 58.4% in the 1st quarter. Signaturefd LLC now owns 179 shares of the financial services provider’s stock valued at $32,000 after buying an additional 66 shares in the last quarter. Parallel Advisors LLC lifted its stake in Erie Indemnity by 83.0% in the 1st quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $48,000 after buying an additional 122 shares in the last quarter. Finally, Capital Investment Advisory Services LLC lifted its stake in Erie Indemnity by 50.0% in the 1st quarter. Capital Investment Advisory Services LLC now owns 408 shares of the financial services provider’s stock valued at $73,000 after buying an additional 136 shares in the last quarter. 32.99% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts recently issued reports on the company. ValuEngine lowered Erie Indemnity from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research downgraded Erie Indemnity from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. Finally, BidaskClub downgraded Erie Indemnity from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 31st.

Shares of ERIE opened at $222.87 on Wednesday. The company has a fifty day simple moving average of $247.90. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.12 and a quick ratio of 2.12. The firm has a market cap of $10.27 billion, a P/E ratio of 40.45 and a beta of 0.47. Erie Indemnity has a fifty-two week low of $120.15 and a fifty-two week high of $270.23.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.04. The company had revenue of $647.71 million during the quarter, compared to the consensus estimate of $651.43 million. Erie Indemnity had a return on equity of 30.80% and a net margin of 12.58%. As a group, research analysts anticipate that Erie Indemnity will post 6.05 earnings per share for the current year.

In other Erie Indemnity news, Director Elizabeth A. Vorsheck purchased 686 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was bought at an average cost 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 approximately $16,722,768.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 46.87% of the company’s stock.

Erie Indemnity Profile

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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Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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