The stock of Erie Indemnity Company (NASDAQ:ERIE) hit a new 52-week high and has $160.14 target or 51.00% above today’s $106.05 share price. The 7 months bullish chart indicates low risk for the $5.61 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $160.14 price target is reached, the company will be worth $2.86 billion 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 16,796 shares traded hands. Erie Indemnity Company (NASDAQ:ERIE) has risen 14.92% since April 11, 2016 and is uptrending. It has outperformed by 8.77% the S&P500.
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 2016 Q2. 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.
Jpmorgan Chase & Communications holds 731 shares or 0% of its portfolio. Blackrock Institutional Tru Na accumulated 617,889 shares or 0.01% of the stock. Citadel Advsrs Lc holds 0% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE) for 18,412 shares. Metropolitan Life Ins Ny last reported 1,538 shares in the company. Manufacturers Life Company The has 1,335 shares for 0% of their US portfolio. Analytic Invsts Ltd owns 39,673 shares or 0.05% of their US portfolio. Checchi Advisers Ltd Co holds 278 shares or 0% of its portfolio. Pnc Services Grp has 4.92M shares for 0.57% of their US portfolio. The Ontario – Canada-based Omers Administration Corp has invested 0.05% in Erie Indemnity Company (NASDAQ:ERIE). State Board Of Administration Of Florida Retirement Systems owns 38,222 shares or 0.01% of their US portfolio. Moreover, Victory Cap Mgmt has 0% invested in Erie Indemnity Company (NASDAQ:ERIE) for 6,575 shares. Guggenheim Capital Limited Liability Corporation holds 21,819 shares or 0.01% of its portfolio. Stifel Corporation holds 0% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE) for 9,013 shares. Millennium Mngmt Limited Liability Com reported 4,254 shares or 0% of all its holdings. First Trust Advsrs Limited Partnership holds 0.04% or 132,763 shares in its portfolio.
Insider Transactions: Since June 30, 2016, the stock had 0 insider purchases, and 10 sales for $2.53 million net activity. Shares for $39,261 were sold by Kearns John F on Friday, August 5. $1.29 million worth of shares were sold by DUFALA GEORGE D on Thursday, June 30.
More 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 Bloomberg.com published the news titled: “Susan Hirt Hagen, Billionaire Erie Indemnity Heiress, Dies at 79” on June 15, 2015. Finance.Yahoo.com‘s news article titled: “Erie Indemnity Reports Third Quarter 2016 Results” with publication date: October 27, 2016 was also an interesting one.
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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