Erie Indemnity (NASDAQ:ERIE) Cut to Sell at ValuEngine

Erie Indemnity (NASDAQ:ERIE) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Thursday, ValuEngine reports.

A number of other analysts have also issued reports on ERIE. Zacks Investment Research raised shares of Erie Indemnity from a “hold” rating to a “buy” rating and set a $209.00 price target for the company 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.

Shares of NASDAQ ERIE traded down $5.29 during mid-day trading on Thursday, reaching $171.02. The company had a trading volume of 132,400 shares, compared to its average volume of 146,125. The stock has a fifty day moving average of $182.08 and a two-hundred day moving average of $214.19. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market capitalization of $8.18 billion, a price-to-earnings ratio of 31.04 and a beta of 0.43. Erie Indemnity has a 12-month low of $123.94 and a 12-month high of $270.23.

Erie Indemnity (NASDAQ:ERIE) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.12. The business had revenue of $638.74 million during the quarter, compared to analyst estimates of $639.70 million. Erie Indemnity had a net margin of 13.01% and a return on equity of 30.65%. Sell-side analysts forecast that Erie Indemnity will post 6.22 earnings per share for the current fiscal year.

In related news, Director J Ralph Borneman, Jr. sold 20,000 shares of Erie Indemnity stock in a transaction dated 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 Securities & Exchange Commission, which is available through this hyperlink. 46.87% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in ERIE. BlackRock Inc. increased its position in Erie Indemnity by 65.8% in the second quarter. BlackRock Inc. now owns 1,662,853 shares of the financial services provider’s stock worth $422,831,000 after purchasing an additional 660,031 shares during the period. First Trust Advisors LP grew its position in shares of Erie Indemnity by 414.8% during the 3rd quarter. First Trust Advisors LP now owns 300,679 shares of the financial services provider’s stock worth $55,821,000 after buying an additional 242,269 shares during the period. Wells Fargo & Company MN grew its position in shares of 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 worth $55,456,000 after buying an additional 187,223 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Erie Indemnity during the 2nd quarter worth about $35,854,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Erie Indemnity during the 2nd quarter worth about $30,135,000. Hedge funds and other institutional investors own 35.35% of the company’s stock.

About Erie Indemnity

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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