JPMorgan Chase & Co. lessened its position in shares of Erie Indemnity Company (NASDAQ:ERIE) by 5.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,036 shares of the financial services provider’s stock after selling 56 shares during the period. JPMorgan Chase & Co.’s holdings in Erie Indemnity were worth $130,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in Erie Indemnity during the first quarter worth $181,000. NN Investment Partners Holdings N.V. bought a new position in Erie Indemnity during the second quarter worth $183,000. Atria Investments LLC bought a new position in Erie Indemnity during the second quarter worth $204,000. Teacher Retirement System of Texas raised its stake in Erie Indemnity by 1.1% during the second quarter. Teacher Retirement System of Texas now owns 2,023 shares of the financial services provider’s stock worth $253,000 after buying an additional 22 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Erie Indemnity by 16.4% during the second quarter. Pacer Advisors Inc. now owns 3,611 shares of the financial services provider’s stock worth $452,000 after buying an additional 509 shares during the last quarter. 30.79% of the stock is owned by institutional investors and hedge funds.
ERIE has been the subject of several research analyst reports. BidaskClub downgraded shares of Erie Indemnity from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research raised shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd.
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Shares of Erie Indemnity Company (NASDAQ:ERIE) opened at 123.98 on Monday. Erie Indemnity Company has a 1-year low of $98.36 and a 1-year high of $129.73. The firm has a 50-day moving average of $120.37 and a 200 day moving average of $121.36. The company has a market capitalization of $6.48 billion, a P/E ratio of 31.00 and a beta of 0.47.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.01. Erie Indemnity had a net margin of 12.62% and a return on equity of 24.98%. The business had revenue of $442.49 million during the quarter, compared to analyst estimates of $437.72 million. On average, equities research analysts expect that Erie Indemnity Company will post $3.95 earnings per share for the current year.
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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