Erie Indemnity (NASDAQ:ERIE) Stock Rating Lowered by BidaskClub

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BidaskClub downgraded shares of Erie Indemnity (NASDAQ:ERIE) from a buy rating to a hold rating in a report released on Wednesday, BidAskClub reports.

Several other equities research analysts have also issued reports on ERIE. ValuEngine lowered Erie Indemnity from a strong-buy rating to a buy rating in a research report on Wednesday, July 31st. Zacks Investment Research lowered Erie Indemnity from a hold rating to a sell rating in a report on Monday, August 19th.

NASDAQ:ERIE opened at $214.84 on Wednesday. The company has a market capitalization of $10.24 billion, a PE ratio of 37.90 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. The company has a 50 day simple moving average of $240.80 and a two-hundred day simple moving average of $206.84. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.12 and a current ratio of 2.12.

Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, July 25th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.04. Erie Indemnity had a return on equity of 30.80% and a net margin of 12.58%. The company had revenue of $647.71 million for the quarter, compared to analysts’ expectations of $651.43 million. Research analysts predict that Erie Indemnity will post 6.05 EPS for the current year.

In related news, Director Elizabeth A. Vorsheck purchased 686 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were acquired at an average cost of $240.56 per share, with a total value of $165,024.16. Following the purchase, the director now directly owns 69,516 shares of the company’s stock, valued at $16,722,768.96. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 46.87% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Swiss National Bank boosted its stake in shares of Erie Indemnity by 3.1% during the first quarter. Swiss National Bank now owns 46,309 shares of the financial services provider’s stock worth $8,267,000 after buying an additional 1,400 shares during the period. Oregon Public Employees Retirement Fund purchased a new position in shares of Erie Indemnity during the 2nd quarter worth approximately $2,543,000. Mn Services Vermogensbeheer B.V. purchased a new stake in Erie Indemnity in the 2nd quarter worth approximately $1,119,000. Nisa Investment Advisors LLC grew its stake in Erie Indemnity by 167.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,175 shares of the financial services provider’s stock worth $2,587,000 after acquiring an additional 6,375 shares during the period. Finally, CNB Bank grew its stake in Erie Indemnity by 4.8% in the 1st quarter. CNB Bank now owns 2,396 shares of the financial services provider’s stock worth $428,000 after acquiring an additional 109 shares during the period. 33.97% of the stock is currently owned by institutional investors.

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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