Citigroup Inc. cut its stake in shares of Erie Indemnity Company (NASDAQ:ERIE) by 64.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,377 shares of the financial services provider’s stock after selling 7,880 shares during the quarter. Citigroup Inc.’s holdings in Erie Indemnity were worth $548,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of ERIE. JPMorgan Chase & Co. grew its stake in shares of Erie Indemnity by 28.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,092 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 240 shares during the period. SG Americas Securities LLC acquired a new position in shares of Erie Indemnity during the 1st quarter worth $181,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Erie Indemnity during the 2nd quarter worth $183,000. Atria Investments LLC acquired a new position in shares of Erie Indemnity during the 2nd quarter worth $204,000. Finally, Teacher Retirement System of Texas grew its stake in shares of 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 worth $253,000 after purchasing an additional 22 shares during the period. 30.97% of the stock is currently owned by institutional investors and hedge funds.
Erie Indemnity (NASDAQ:ERIE) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.09). The business had revenue of $448.56 million for the quarter, compared to analyst estimates of $447.41 million. Erie Indemnity had a net margin of 12.73% and a return on equity of 25.11%.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders 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 dividend yield of 2.60%. This is a positive change from Erie Indemnity’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Wednesday, October 4th. Erie Indemnity’s dividend payout ratio (DPR) is 78.45%.
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A number of equities analysts have recently weighed in on the stock. BidaskClub cut shares of Erie Indemnity from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research raised shares of Erie Indemnity from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd.
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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