Bank of Montreal Can raised its position in shares of Erie Indemnity Company (NASDAQ:ERIE) by 7.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,794 shares of the financial services provider’s stock after buying an additional 456 shares during the period. Bank of Montreal Can’s holdings in Erie Indemnity were worth $850,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Teachers Advisors LLC boosted its stake in Erie Indemnity by 62.8% in the fourth quarter. Teachers Advisors LLC now owns 43,158 shares of the financial services provider’s stock worth $4,853,000 after buying an additional 16,654 shares during the period. Capstone Asset Management Co. boosted 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 worth $249,000 after buying an additional 40 shares during the period. Nisa Investment Advisors LLC boosted its stake in Erie Indemnity by 173.9% in the first quarter. Nisa Investment Advisors LLC now owns 6,300 shares of the financial services provider’s stock worth $773,000 after buying an additional 4,000 shares during the period. ProShare Advisors LLC boosted its position in shares of Erie Indemnity by 8.1% in the first quarter. ProShare Advisors LLC now owns 2,673 shares of the financial services provider’s stock valued at $328,000 after buying an additional 201 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Erie Indemnity by 11.6% in the first quarter. Janney Montgomery Scott LLC now owns 4,280 shares of the financial services provider’s stock valued at $525,000 after buying an additional 446 shares during the last quarter. Institutional investors own 30.90% of the company’s stock.
Shares of Erie Indemnity Company (NASDAQ:ERIE) traded down 0.67% on Wednesday, hitting $121.93. The stock had a trading volume of 5,423 shares. Erie Indemnity Company has a 52-week low of $96.01 and a 52-week high of $129.73. The firm has a market cap of $6.38 billion, a PE ratio of 30.48 and a beta of 0.43. The firm’s 50-day moving average price is $124.24 and its 200 day moving average price is $121.08.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.09. The business had revenue of $448.56 million for the quarter, compared to the consensus estimate of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. On average, equities research analysts predict that Erie Indemnity Company will post $3.90 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Thursday, October 5th will be issued a $0.783 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $3.13 annualized dividend and a dividend yield of 2.55%. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s dividend payout ratio is currently 78.45%.
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Several research analysts have recently issued reports on the company. BidaskClub cut Erie Indemnity from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research cut Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd.
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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