California Public Employees Retirement System lifted its stake in Erie Indemnity (NASDAQ:ERIE) by 4.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 66,688 shares of the financial services provider’s stock after purchasing an additional 3,101 shares during the quarter. California Public Employees Retirement System’s holdings in Erie Indemnity were worth $11,905,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System lifted its stake in shares of Erie Indemnity by 11.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 39,172 shares of the financial services provider’s stock valued at $6,993,000 after purchasing an additional 4,110 shares during the period. Stevens Capital Management LP increased its holdings in Erie Indemnity by 144.0% during the 1st quarter. Stevens Capital Management LP now owns 4,202 shares of the financial services provider’s stock valued at $750,000 after acquiring an additional 2,480 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Erie Indemnity by 71.4% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 84,969 shares of the financial services provider’s stock valued at $15,166,000 after acquiring an additional 35,404 shares in the last quarter. Parallel Advisors LLC increased its holdings in Erie Indemnity by 83.0% during the 1st quarter. Parallel Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 122 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Erie Indemnity by 168.9% during the 1st quarter. Janus Henderson Group PLC now owns 67,122 shares of the financial services provider’s stock valued at $11,983,000 after acquiring an additional 42,163 shares in the last quarter. Hedge funds and other institutional investors own 31.52% of the company’s stock.

ERIE has been the subject of several recent research reports. BidaskClub upgraded shares of Erie Indemnity from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. ValuEngine upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating in a report on Monday, February 4th. Finally, Zacks Investment Research upgraded shares of Erie Indemnity from a “hold” rating to a “buy” rating and set a $220.00 target price for the company in a report on Wednesday, May 8th.

NASDAQ:ERIE opened at $206.49 on Thursday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.10. Erie Indemnity has a twelve month low of $111.11 and a twelve month high of $209.33. The stock has a market cap of $9.48 billion, a price-to-earnings ratio of 37.48 and a beta of 0.51.

Erie Indemnity (NASDAQ:ERIE) last posted its earnings results on Thursday, May 2nd. The financial services provider reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.07. Erie Indemnity had a net margin of 12.39% and a return on equity of 31.44%. The firm had revenue of $594.11 million during the quarter, compared to the consensus estimate of $598.96 million. During the same period last year, the firm posted $1.26 EPS. On average, research analysts forecast that Erie Indemnity will post 6.08 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Tuesday, July 9th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.74%. Erie Indemnity’s dividend payout ratio (DPR) is presently 65.34%.

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Erie Indemnity 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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Institutional Ownership by Quarter for Erie Indemnity (NASDAQ:ERIE)

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