Capstone Asset Management Co. reduced its stake in Erie Indemnity Company (NASDAQ:ERIE) by 2.5% during the second quarter, Holdings Channel reports. The firm owned 1,976 shares of the financial services provider’s stock after selling 50 shares during the period. Capstone Asset Management Co.’s holdings in Erie Indemnity were worth $247,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of ERIE. JPMorgan Chase & Co. raised its position in shares of Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock valued at $134,000 after buying an additional 240 shares during the period. SG Americas Securities LLC purchased a new position in shares of Erie Indemnity during the first quarter valued at $181,000. Keybank National Association OH purchased a new position in shares of Erie Indemnity during the first quarter valued at $202,000. ProShare Advisors LLC raised 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 period. Finally, Pacer Advisors Inc. raised its position in shares of Erie Indemnity by 10.7% in the first quarter. Pacer Advisors Inc. now owns 3,102 shares of the financial services provider’s stock valued at $381,000 after buying an additional 300 shares during the period. 30.90% of the stock is currently owned by institutional investors and hedge funds.
Shares of Erie Indemnity Company (ERIE) traded down 0.26% during mid-day trading on Friday, reaching $122.08. The company had a trading volume of 4,040 shares. The stock has a market capitalization of $6.38 billion, a P/E ratio of 30.52 and a beta of 0.43. Erie Indemnity Company has a 52-week low of $96.01 and a 52-week high of $129.73. The company’s 50-day moving average is $124.39 and its 200 day moving average is $120.81.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by $0.09. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. The business had revenue of $448.56 million during the quarter, compared to analyst estimates of $447.41 million. Analysts anticipate that Erie Indemnity Company will post $3.90 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be paid a $0.783 dividend. This represents a $3.13 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Wednesday, October 4th. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s payout ratio is presently 78.45%.
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Several research analysts recently weighed in on the company. Zacks Investment Research lowered Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. BidaskClub lowered Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Monday, July 31st.
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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