Treasurer of the State of North Carolina raised its position in shares of Erie Indemnity (NASDAQ:ERIE) by 2.6% in the second quarter, HoldingsChannel.com reports. The firm owned 10,639 shares of the financial services provider’s stock after buying an additional 273 shares during the period. Treasurer of the State of North Carolina’s holdings in Erie Indemnity were worth $2,705,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ERIE. BlackRock Inc. boosted its stake in Erie Indemnity by 65.8% during the 2nd quarter. BlackRock Inc. now owns 1,662,853 shares of the financial services provider’s stock valued at $422,831,000 after purchasing an additional 660,031 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Erie Indemnity by 606.6% during the 2nd quarter. Wells Fargo & Company MN now owns 218,089 shares of the financial services provider’s stock valued at $55,456,000 after purchasing an additional 187,223 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Erie Indemnity during the 2nd quarter valued at $35,854,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Erie Indemnity during the 2nd quarter valued at $30,135,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Erie Indemnity by 109.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 178,140 shares of the financial services provider’s stock valued at $45,296,000 after purchasing an additional 93,171 shares in the last quarter. 34.74% of the stock is owned by hedge funds and other institutional investors.
ERIE opened at $182.41 on Wednesday. The stock has a fifty day moving average of $202.87 and a 200-day moving average of $213.41. The firm has a market capitalization of $8.43 billion, a P/E ratio of 33.11 and a beta of 0.45. Erie Indemnity has a 12-month low of $120.15 and a 12-month high of $270.23. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.09.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Monday, October 7th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.97%. Erie Indemnity’s payout ratio is currently 65.34%.
In other news, Director J Ralph Borneman, Jr. sold 20,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $210.00, for a total value of $4,200,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 46.87% of the stock is owned by corporate insiders.
A number of brokerages have recently commented on ERIE. Zacks Investment Research downgraded Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Monday, August 19th. ValuEngine downgraded Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, BidaskClub downgraded Erie Indemnity from a “sell” rating to a “strong sell” rating in a research report on Friday, October 4th.
Erie Indemnity Company Profile
Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.
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