Erie Indemnity (ERIE) Upgraded to Buy at ValuEngine

Erie Indemnity (NASDAQ:ERIE) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, February 4th.

Separately, BidaskClub raised Erie Indemnity from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th.

NASDAQ ERIE traded up $4.93 during trading on Monday, hitting $183.15. The company’s stock had a trading volume of 88,401 shares, compared to its average volume of 47,049. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market cap of $8.46 billion, a PE ratio of 33.24 and a beta of 0.43. Erie Indemnity has a fifty-two week low of $110.22 and a fifty-two week high of $186.29.

Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, February 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.18. The business had revenue of $576.47 million during the quarter. Erie Indemnity had a return on equity of 32.74% and a net margin of 12.10%. On average, sell-side analysts predict that Erie Indemnity will post 6.08 earnings per share for the current fiscal year.

In other news, SVP Louis F. Colaizzo bought 750 shares of the firm’s stock in a transaction that occurred on Monday, December 31st. The stock was purchased at an average price of $133.00 per share, with a total value of $99,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Salvatore Correnti purchased 320 shares of Erie Indemnity stock in a transaction that occurred on Wednesday, December 26th. The shares were bought at an average price of $126.81 per share, with a total value of $40,579.20. Following the completion of the transaction, the director now owns 320 shares of the company’s stock, valued at approximately $40,579.20. The disclosure for this purchase can be found here. Insiders have purchased 1,820 shares of company stock valued at $240,079 in the last ninety days. Corporate insiders own 46.84% of the company’s stock.

A number of hedge funds have recently made changes to their positions in ERIE. Dimensional Fund Advisors LP raised its position in Erie Indemnity by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 261,049 shares of the financial services provider’s stock valued at $30,609,000 after acquiring an additional 10,782 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Erie Indemnity by 75.0% in the third quarter. State of Alaska Department of Revenue now owns 5,251 shares of the financial services provider’s stock valued at $668,000 after buying an additional 2,251 shares in the last quarter. Aperio Group LLC increased its position in shares of Erie Indemnity by 10.7% in the third quarter. Aperio Group LLC now owns 18,533 shares of the financial services provider’s stock valued at $2,364,000 after buying an additional 1,798 shares in the last quarter. First Trust Advisors LP increased its position in shares of Erie Indemnity by 13.1% in the third quarter. First Trust Advisors LP now owns 201,253 shares of the financial services provider’s stock valued at $25,666,000 after buying an additional 23,255 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Erie Indemnity by 37.7% in the third quarter. Victory Capital Management Inc. now owns 141,989 shares of the financial services provider’s stock valued at $18,108,000 after buying an additional 38,849 shares in the last quarter. Institutional investors own 31.58% of the company’s stock.

Erie Indemnity Company 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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