Principal Financial Group Inc. grew its position in shares of Erie Indemnity Company (NASDAQ:ERIE) by 23.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,398 shares of the financial services provider’s stock after acquiring an additional 846 shares during the quarter. Principal Financial Group Inc.’s holdings in Erie Indemnity were worth $550,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of Erie Indemnity by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock valued at $134,000 after buying an additional 240 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Erie Indemnity during the 1st quarter valued at approximately $181,000. NN Investment Partners Holdings N.V. acquired a new stake in Erie Indemnity during the 2nd quarter valued at approximately $183,000. Atria Investments LLC acquired a new stake in Erie Indemnity during the 2nd quarter valued at approximately $204,000. Finally, Teacher Retirement System of Texas grew its stake in Erie Indemnity by 1.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 2,023 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 22 shares in the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.
Erie Indemnity Company (NASDAQ ERIE) opened at 120.56 on Friday. The firm has a market capitalization of $6.30 billion, a PE ratio of 30.14 and a beta of 0.47. The stock’s 50 day moving average price is $119.32 and its 200 day moving average price is $121.27. Erie Indemnity Company has a 12 month low of $98.36 and a 12 month high of $129.73.
Erie Indemnity (NASDAQ:ERIE) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.09). Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%. The business had revenue of $448.56 million for the quarter, compared to the consensus estimate of $447.41 million. Equities research analysts expect that Erie Indemnity Company will post $3.95 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.783 per share. This represents a $3.13 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date is Wednesday, October 4th. This is a boost from Erie Indemnity’s previous quarterly dividend of $0.78. Erie Indemnity’s dividend payout ratio is 78.45%.
A number of research analysts have commented on ERIE shares. BidaskClub downgraded Erie Indemnity from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Zacks Investment Research downgraded Erie Indemnity from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd.
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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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