BidaskClub Upgrades Erie Indemnity (ERIE) to Hold

BidaskClub upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a sell rating to a hold rating in a research note released on Saturday morning.

Erie Indemnity (ERIE) opened at $113.92 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06. Erie Indemnity has a 1-year low of $106.62 and a 1-year high of $129.73. The firm has a market cap of $5,261.85, a P/E ratio of 28.34 and a beta of 0.42.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 23rd. Stockholders of record on Monday, January 8th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 5th. This represents a $3.36 annualized dividend and a dividend yield of 2.95%. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s dividend payout ratio (DPR) is presently 83.58%.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Erie Indemnity by 0.5% during the fourth quarter. BlackRock Inc. now owns 947,391 shares of the financial services provider’s stock valued at $115,430,000 after buying an additional 4,936 shares during the last quarter. State Street Corp raised its position in shares of Erie Indemnity by 3.9% during the second quarter. State Street Corp now owns 358,213 shares of the financial services provider’s stock valued at $44,808,000 after buying an additional 13,608 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Erie Indemnity by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 248,060 shares of the financial services provider’s stock valued at $29,907,000 after buying an additional 1,876 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Erie Indemnity by 8.1% during the third quarter. New York State Common Retirement Fund now owns 206,114 shares of the financial services provider’s stock valued at $24,851,000 after buying an additional 15,506 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Erie Indemnity by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 197,777 shares of the financial services provider’s stock valued at $24,098,000 after buying an additional 622 shares during the last quarter. Hedge funds and other institutional investors own 31.18% of the company’s stock.

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Erie Indemnity Company Profile

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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