Erie Indemnity (NASDAQ:ERIE) Upgraded to “Strong-Buy” by BidaskClub

Erie Indemnity (NASDAQ:ERIE) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday, July 6th, BidAskClub reports.

ERIE has been the topic of several other research reports. Zacks Investment Research raised shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. ValuEngine downgraded shares of Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd.

NASDAQ ERIE opened at $266.86 on Friday. The company has a 50 day simple moving average of $240.73. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.04 and a quick ratio of 2.04. Erie Indemnity has a 12-month low of $117.73 and a 12-month high of $267.98. The firm has a market capitalization of $12.33 billion, a PE ratio of 46.90 and a beta of 0.49.

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

In related news, Director Elizabeth A. Vorsheck purchased 686 shares of the stock in a transaction dated Tuesday, June 11th. The stock was bought 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 in the company, valued at approximately $16,722,768.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 46.87% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ERIE. AJO LP increased its stake in Erie Indemnity by 859.3% during the 1st quarter. AJO LP now owns 108,636 shares of the financial services provider’s stock worth $19,394,000 after purchasing an additional 97,311 shares in the last quarter. Jackson Wealth Management LLC grew its stake in shares of Erie Indemnity by 160.6% during the 2nd quarter. Jackson Wealth Management LLC now owns 86,000 shares of the financial services provider’s stock worth $22,793,000 after acquiring an additional 53,000 shares in the last quarter. BlackRock Inc. boosted 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 valued at $133,620,000 after buying an additional 47,171 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Erie Indemnity by 168.9% in the 1st quarter. Janus Henderson Group PLC now owns 67,122 shares of the financial services provider’s stock valued at $11,983,000 after buying an additional 42,163 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Erie Indemnity by 71.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 84,969 shares of the financial services provider’s stock valued at $15,166,000 after buying an additional 35,404 shares during the last quarter. 31.97% of the stock is owned by institutional investors and hedge funds.

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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