First Trust Advisors LP Has $13,083,000 Position in Erie Indemnity Co. (ERIE)
First Trust Advisors LP cut its position in Erie Indemnity Co. (NASDAQ:ERIE) by 3.5% during the third quarter, Holdings Channel reports. The institutional investor owned 128,172 shares of the company’s stock after selling 4,591 shares during the period. First Trust Advisors LP’s holdings in Erie Indemnity were worth $13,083,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Erie Indemnity by 2.7% in the second quarter. Vanguard Group Inc. now owns 1,946,209 shares of the company’s stock worth $193,337,000 after buying an additional 51,642 shares in the last quarter. State Street Corp increased its stake in Erie Indemnity by 6.2% in the first quarter. State Street Corp now owns 345,949 shares of the company’s stock worth $32,170,000 after buying an additional 20,321 shares in the last quarter. BlackRock Fund Advisors increased its stake in Erie Indemnity by 5.7% in the second quarter. BlackRock Fund Advisors now owns 239,912 shares of the company’s stock worth $23,833,000 after buying an additional 12,841 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Erie Indemnity by 15.3% in the second quarter. Bank of New York Mellon Corp now owns 228,264 shares of the company’s stock worth $22,676,000 after buying an additional 30,372 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Erie Indemnity by 4.2% in the first quarter. Geode Capital Management LLC now owns 173,794 shares of the company’s stock worth $16,161,000 after buying an additional 6,985 shares in the last quarter. 30.70% of the stock is currently owned by institutional investors.
Shares of Erie Indemnity Co. (NASDAQ:ERIE) traded down 0.14% during midday trading on Wednesday, hitting $107.69. The stock had a trading volume of 6,886 shares. Erie Indemnity Co. has a 52 week low of $88.69 and a 52 week high of $110.00. The stock has a 50 day moving average price of $103.66 and a 200-day moving average price of $99.87. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 28.99 and a beta of 0.43.
Erie Indemnity (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, October 27th. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.07. Erie Indemnity had a return on equity of 24.48% and a net margin of 12.38%. The company had revenue of $418.40 million for the quarter, compared to analyst estimates of $419.94 million. Equities research analysts anticipate that Erie Indemnity Co. will post $3.87 earnings per share for the current year.
Separately, Zacks Investment Research raised Erie Indemnity from a “sell” rating to a “buy” rating and set a $111.00 price objective on the stock in a research note on Thursday, August 4th.
In other news, EVP John F. Kearns sold 1,823 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $103.55, for a total value of $188,771.65. Following the sale, the executive vice president now directly owns 1,323 shares in the company, valued at approximately $136,996.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 47.46% of the stock is owned by insiders.
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 primary 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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