Erie Indemnity (NASDAQ:ERIE) Downgraded by Zacks Investment Research


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Erie Indemnity (NASDAQ:ERIE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange. “

Shares of Erie Indemnity stock traded down $4.14 during trading on Tuesday, hitting $212.62. 61,794 shares of the stock were exchanged, compared to its average volume of 65,314. The stock’s fifty day moving average is $224.26 and its 200 day moving average is $237.03. The stock has a market cap of $9.82 billion, a PE ratio of 38.31 and a beta of 0.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.71 and a current ratio of 1.71. Erie Indemnity has a 12 month low of $154.63 and a 12 month high of $266.77.

Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings data on Thursday, April 29th. The financial services provider reported $1.41 EPS for the quarter, meeting analysts’ consensus estimates of $1.41. Erie Indemnity had a net margin of 11.49% and a return on equity of 24.73%. Sell-side analysts anticipate that Erie Indemnity will post 5.5 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its position in Erie Indemnity by 4.3% in the fourth quarter. BlackRock Inc. now owns 1,799,132 shares of the financial services provider’s stock worth $441,866,000 after purchasing an additional 73,767 shares during the period. Dimensional Fund Advisors LP lifted its position in Erie Indemnity by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 242,472 shares of the financial services provider’s stock worth $59,550,000 after purchasing an additional 8,001 shares during the period. New York State Common Retirement Fund lifted its position in Erie Indemnity by 25.9% in the fourth quarter. New York State Common Retirement Fund now owns 240,234 shares of the financial services provider’s stock worth $59,001,000 after purchasing an additional 49,440 shares during the period. First Trust Advisors LP lifted its position in Erie Indemnity by 2,175.7% in the fourth quarter. First Trust Advisors LP now owns 237,421 shares of the financial services provider’s stock worth $58,311,000 after purchasing an additional 226,988 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Erie Indemnity by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 113,650 shares of the financial services provider’s stock worth $27,913,000 after purchasing an additional 2,315 shares during the period. Institutional investors and hedge funds own 35.03% of the company’s stock.

Erie Indemnity Company Profile

Erie Indemnity Co engages in the insurance business and operates as an attorney-in-fact. It manages affairs at the Erie Insurance Exchange for the benefit of the policyholders. It covers policies in auto and leisure, home and property, life, and business insurance. The company was founded by Henry Orth Hirt and Ollie Grover Crawford on April 4, 1925 and is headquartered in Erie, PA.

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