Erie Indemnity (ERIE) Upgraded to Buy by ValuEngine

ValuEngine upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a hold rating to a buy rating in a research report report published on Saturday, October 27th.

Separately, BidaskClub raised shares of Erie Indemnity from a sell rating to a hold rating in a research report on Wednesday, September 19th.

ERIE traded down $1.75 during midday trading on Friday, reaching $131.46. The company had a trading volume of 54,685 shares, compared to its average volume of 29,885. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 33.28 and a beta of 0.36. Erie Indemnity has a 12-month low of $106.63 and a 12-month high of $147.17.

Erie Indemnity (NASDAQ:ERIE) last released its earnings results on Thursday, October 25th. The financial services provider reported $1.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.18. The firm had revenue of $612.13 million for the quarter. Erie Indemnity had a net margin of 11.69% and a return on equity of 30.65%. As a group, sell-side analysts anticipate that Erie Indemnity will post 4.91 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Erie Indemnity by 72.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,154 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 485 shares during the period. Tower Research Capital LLC TRC bought a new stake in shares of Erie Indemnity in the third quarter valued at approximately $172,000. CIBC Asset Management Inc bought a new stake in shares of Erie Indemnity in the third quarter valued at approximately $205,000. Keybank National Association OH bought a new stake in shares of Erie Indemnity in the third quarter valued at approximately $210,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Erie Indemnity in the first quarter valued at approximately $207,000. 31.19% of the stock is currently owned by institutional investors.

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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