CNB Bank Acquires 70 Shares of Erie Indemnity (NASDAQ:ERIE)

CNB Bank lifted its holdings in shares of Erie Indemnity (NASDAQ:ERIE) by 15.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 531 shares of the financial services provider’s stock after purchasing an additional 70 shares during the period. CNB Bank’s holdings in Erie Indemnity were worth $99,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. CSat Investment Advisory L.P. bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $25,000. Krane Funds Advisors LLC bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $26,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $76,000. Assetmark Inc. bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $79,000. Finally, NEXT Financial Group Inc bought a new stake in shares of Erie Indemnity during the 2nd quarter valued at about $172,000. Institutional investors own 34.75% of the company’s stock.

Several equities research analysts recently commented on the company. Zacks Investment Research upgraded Erie Indemnity from a “hold” rating to a “buy” rating and set a $209.00 target price on the stock in a research report on Thursday, October 31st. BidaskClub lowered Erie Indemnity from a “hold” rating to a “sell” rating in a research report on Saturday, October 26th. Finally, ValuEngine lowered Erie Indemnity from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th.

Shares of Erie Indemnity stock opened at $180.10 on Friday. Erie Indemnity has a one year low of $123.94 and a one year high of $270.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.10 and a quick ratio of 2.10. The stock’s 50-day moving average is $184.33 and its 200 day moving average is $214.49. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 32.69 and a beta of 0.43.

Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.80 EPS for the quarter, beating the consensus estimate of $1.68 by $0.12. The company had revenue of $638.74 million for the quarter, compared to analyst estimates of $639.70 million. Erie Indemnity had a return on equity of 30.65% and a net margin of 13.01%. On average, sell-side analysts expect that Erie Indemnity will post 6.22 EPS for the current fiscal year.

In other Erie Indemnity news, Director J Ralph Borneman, Jr. sold 20,000 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 46.87% of the stock is currently owned by corporate insiders.

Erie Indemnity 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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Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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