The stock of Erie Indemnity Company (NASDAQ:ERIE) hit a new 52-week high and has $126.02 target or 21.00% above today’s $104.15 share price. The 9 months bullish chart indicates low risk for the $5.47 billion company. The 1-year high was reported on Oct, 17 by Barchart.com. If the $126.02 price target is reached, the company will be worth $1.15B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 18,331 shares traded hands. Erie Indemnity Company (NASDAQ:ERIE) has risen 14.26% since March 14, 2016 and is uptrending. It has outperformed by 8.65% the S&P500.
Analysts await Erie Indemnity Company (NASDAQ:ERIE) to report earnings on November, 3. They expect $1.04 earnings per share, up 9.47% or $0.09 from last year’s $0.95 per share. ERIE’s profit will be $54.62 million for 25.04 P/E if the $1.04 EPS becomes a reality. After $1.17 actual earnings per share reported by Erie Indemnity Company for the previous quarter, Wall Street now forecasts -11.11% negative EPS growth.
According to Zacks Investment Research, “Erie Indemnity Company’s principal business activity consists of management of the affairs for Erie Insurance Exchange. The company also participates in the property/casualty insurance business through its three wholly owned subsidiaries, Erie Insurance Company, Erie Insurance Company of New York, and Erie Insurance Property and Casualty Company and through its management of the Flagship City Insurance Company, a subsidiary of Erie Insurance Exchange.”
Insitutional Activity: The institutional sentiment decreased to 1.11 in Q2 2016. Its down 0.23, from 1.34 in 2016Q1. The ratio dropped, as 10 funds sold all Erie Indemnity Company shares owned while 45 reduced positions. 15 funds bought stakes while 46 increased positions. They now own 14.06 million shares or 1.69% more from 13.82 million shares in 2016Q1.
Zurcher Kantonalbank (Zurich Cantonalbank) last reported 0% of its portfolio in the stock. Moreover, Legal And General Grp Incorporated Public Limited Company has 0% invested in Erie Indemnity Company (NASDAQ:ERIE) for 737 shares. Sei Investments Co accumulated 0.02% or 36,308 shares. Renaissance Tech Limited Com holds 0.01% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE) for 71,900 shares. Blackrock Gru Ltd accumulated 16,457 shares or 0% of the stock. Blackrock Institutional Com Na accumulated 617,889 shares or 0.01% of the stock. Schroder Investment Mgmt Grp Inc holds 6,681 shares or 0% of its portfolio. The United Kingdom-based Hsbc Pcl has invested 0% in Erie Indemnity Company (NASDAQ:ERIE). Vanguard last reported 0.01% of its portfolio in the stock. Utah Retirement Systems accumulated 0.01% or 4,434 shares. Moreover, Qs Invsts Ltd Co has 0% invested in Erie Indemnity Company (NASDAQ:ERIE) for 961 shares. Huntington Commercial Bank accumulated 0.01% or 4,000 shares. Bnp Paribas Arbitrage Sa last reported 5,583 shares in the company. The New York-based Citigroup has invested 0% in Erie Indemnity Company (NASDAQ:ERIE). Moreover, Franklin Res has 0.11% invested in Erie Indemnity Company (NASDAQ:ERIE) for 2.13 million shares.
Insider Transactions: Since June 30, 2016, the stock had 0 buys, and 10 selling transactions for $2.53 million net activity. Another trade for 1,500 shares valued at $150,020 was sold by Kearns John F. On Thursday, June 30 the insider DUFALA GEORGE D sold $1.29 million.
More important recent Erie Indemnity Company (NASDAQ:ERIE) news were published by: Nasdaq.com which released: “Erie Indemnity Company (ERIE) Ex-Dividend Date Scheduled for October 03, 2016” on September 30, 2016, also Finance.Yahoo.com published article titled: “Erie Indemnity to host third quarter 2016 conference call and webcast”, Bloomberg.com published: “Susan Hirt Hagen, Billionaire Erie Indemnity Heiress, Dies at 79” on June 15, 2015. More interesting news about Erie Indemnity Company (NASDAQ:ERIE) was released by: Seekingalpha.com and their article: “Erie Indemnity’s (ERIE) CEO Terrence Cavanaugh on Q2 2016 Results – Earnings …” with publication date: July 29, 2016.
ERIE Company Profile
Erie Indemnity Company, incorporated on April 17, 1925, is a management company. The Firm 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. The sales related services the Company provides include agent compensation, and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written, as well as additional commissions and bonuses to agents. The underwriting services the Company provides include underwriting and policy processing expenses. It provides information technology services that support all functions. The remaining services the Company provides include customer service and administrative costs.
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