NEXT Financial Group Inc lowered its position in shares of Erie Indemnity Company (NASDAQ:ERIE) by 5.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 820 shares of the financial services provider’s stock after selling 50 shares during the period. NEXT Financial Group Inc’s holdings in Erie Indemnity were worth $103,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Trust Advisors LP increased its position in shares of Erie Indemnity by 10.4% in the first quarter. First Trust Advisors LP now owns 145,764 shares of the financial services provider’s stock worth $17,885,000 after buying an additional 13,727 shares during the last quarter. Chicago Equity Partners LLC increased its position in shares of Erie Indemnity by 13.3% in the first quarter. Chicago Equity Partners LLC now owns 3,750 shares of the financial services provider’s stock worth $460,000 after buying an additional 440 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Erie Indemnity during the first quarter worth approximately $891,000. Wells Fargo & Company MN increased its position in shares of Erie Indemnity by 3.9% in the first quarter. Wells Fargo & Company MN now owns 37,141 shares of the financial services provider’s stock worth $4,556,000 after buying an additional 1,394 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Erie Indemnity by 2.2% in the first quarter. Russell Investments Group Ltd. now owns 50,710 shares of the financial services provider’s stock worth $6,224,000 after buying an additional 1,098 shares during the last quarter. 30.83% of the stock is currently owned by hedge funds and other institutional investors.
Erie Indemnity Company (NASDAQ:ERIE) traded down 0.49% during mid-day trading on Friday, reaching $122.70. 13,802 shares of the company’s stock traded hands. The stock has a market cap of $6.42 billion, a P/E ratio of 30.67 and a beta of 0.43. Erie Indemnity Company has a 1-year low of $96.01 and a 1-year high of $129.73. The firm has a 50-day moving average price of $124.47 and a 200-day moving average price of $120.42.
Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the Zacks’ 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. Equities research analysts anticipate that Erie Indemnity Company will post $3.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Thursday, October 5th will be issued a $0.783 dividend. The ex-dividend date is Wednesday, October 4th. This is an increase from Erie Indemnity’s previous quarterly dividend of $0.78. This represents a $3.13 dividend on an annualized basis and a dividend yield of 2.55%. Erie Indemnity’s dividend payout ratio (DPR) is 78.45%.
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A number of research analysts recently commented on the stock. BidaskClub downgraded shares of Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd.
In other Erie Indemnity news, CEO Timothy G. Necastro acquired 430 shares of the stock in a transaction dated Monday, May 15th. The shares were bought at an average cost of $116.24 per share, for a total transaction of $49,983.20. Following the completion of the acquisition, the chief executive officer now directly owns 11,644 shares of the company’s stock, valued at $1,353,498.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 46.79% of the stock is owned by company insiders.
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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