The UBS Asset Management Americas Inc. reached $1,535,000 position of Erie Indemnity Co. (ERIE)

The UBS Asset Management Americas Inc. reached $1,535,000 position  of Erie Indemnity Co. (ERIE)

UBS Asset Management Americas Inc. boosted its stake in shares of Erie Indemnity Co. (NASDAQ:ERIE) by 8.3% during the second quarter, Holdings Channel reports. The fund owned 15,451 shares of the company’s stock after buying an additional 1,179 shares during the period. UBS Asset Management Americas Inc.’s holdings in Erie Indemnity were worth $1,535,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ERIE. Capital Fund Management S.A. increased its position in shares of Erie Indemnity by 189.5% in the second quarter. Capital Fund Management S.A. now owns 16,500 shares of the company’s stock valued at $1,639,000 after buying an additional 10,800 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Erie Indemnity during the second quarter valued at approximately $762,000. Robeco Institutional Asset Management B.V. increased its position in shares of Erie Indemnity by 5.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 46,657 shares of the company’s stock valued at $4,635,000 after buying an additional 2,449 shares during the last quarter. Creative Planning increased its position in shares of Erie Indemnity by 2,093.8% in the second quarter. Creative Planning now owns 6,735 shares of the company’s stock valued at $669,000 after buying an additional 6,428 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Erie Indemnity during the first quarter valued at approximately $214,000. 30.45% of the stock is owned by hedge funds and other institutional investors.

Erie Indemnity Co. (NASDAQ:ERIE) traded up 0.09% during mid-day trading on Thursday, hitting $101.72. 3,650 shares of the stock were exchanged. Erie Indemnity Co. has a 52 week low of $83.01 and a 52 week high of $104.21. The stock has a market capitalization of $5.32 billion, a PE ratio of 28.57 and a beta of 0.55. The company has a 50-day moving average of $100.53 and a 200-day moving average of $97.34.

Erie Indemnity (NASDAQ:ERIE) last announced its earnings results on Thursday, July 28th. The company reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.12. Erie Indemnity had a net margin of 7.49% and a return on equity of 7.24%. The business earned $70 million during the quarter, compared to analysts’ expectations of $430.66 million. On average, equities analysts predict that Erie Indemnity Co. will post $3.78 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $2.92 dividend on an annualized basis and a yield of 2.87%. Erie Indemnity’s dividend payout ratio is currently 82.25%.

Separately, Zacks Investment Research downgraded shares of Erie Indemnity from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 4th.

In other Erie Indemnity news, EVP John F. Kearns sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $99.15, for a total transaction of $247,875.00. Following the completion of the sale, the executive vice president now directly owns 8,416 shares of the company’s stock, valued at $834,446.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John F. Kearns sold 1,823 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $103.55, for a total transaction of $188,771.65. Following the sale, the executive vice president now directly owns 1,323 shares of the company’s stock, valued at $136,996.65. The disclosure for this sale can be found here. Company insiders own 47.46% of the company’s stock.

About Erie Indemnity

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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