The stock of Erie Indemnity Company (NASDAQ:ERIE) reached all time high today, Nov, 24 and still has $117.18 target or 8.00% above today’s $108.50 share price. This indicates more upside for the $5.73B company. This technical setup was reported by Barchart.com. If the $117.18 PT is reached, the company will be worth $458.40 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 1.38% or $1.48 on November 23, hitting $108.5. About 40,023 shares traded hands or 29.19% up from the average. Erie Indemnity Company (NASDAQ:ERIE) has risen 18.22% since April 22, 2016 and is uptrending. It has outperformed by 12.81% the S&P500.
Analysts await Erie Indemnity Company (NASDAQ:ERIE) to report earnings on February, 23. They expect $0.63 earnings per share, up 8.62% or $0.05 from last year’s $0.58 per share. ERIE’s profit will be $33.27 million for 43.06 P/E if the $0.63 EPS becomes a reality. After $1.09 actual earnings per share reported by Erie Indemnity Company for the previous quarter, Wall Street now forecasts -42.20% 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 0.75 in Q2 2016. Its down 0.36, from 1.11 in 2016Q1. The ratio turned negative, 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.
Sei Invests Communication accumulated 0.02% or 36,308 shares. Cambridge Investment Rech Advsrs, a Iowa-based fund reported 4,135 shares. Omers Administration holds 22,100 shares or 0.05% of its portfolio. Checchi Advisers Ltd Company accumulated 0% or 278 shares. Ubs Asset Americas holds 0% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE) for 15,451 shares. Robeco Institutional Asset Bv holds 0.04% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE) for 46,657 shares. Art Lc has 0.02% invested in the company for 3,582 shares. The Ontario – Canada-based Mackenzie Corp has invested 0% in Erie Indemnity Company (NASDAQ:ERIE). Jpmorgan Chase And Comm owns 731 shares or 0% of their US portfolio. Torray Limited Company has invested 0.07% of its portfolio in Erie Indemnity Company (NASDAQ:ERIE). Moreover, Blackrock Incorporated has 0% invested in Erie Indemnity Company (NASDAQ:ERIE) for 5,655 shares. Barclays Public Ltd last reported 0% of its portfolio in the stock. Retail Bank accumulated 9,830 shares or 0.02% of the stock. Ibm Retirement Fund reported 2,462 shares or 0.01% of all its holdings. Goldman Sachs Group has 26,449 shares for 0% of their US portfolio.
Insider Transactions: Since June 30, 2016, the stock had 0 buys, and 10 selling transactions for $2.53 million net activity. On Thursday, June 30 the insider Kearns John F sold $393,855. On Thursday, June 30 the insider DUFALA GEORGE D sold $1.29M.
More recent Erie Indemnity Company (NASDAQ:ERIE) news were published by: Seekingalpha.com which released: “Erie Indemnity’s (ERIE) CEO Terrence Cavanaugh on Q2 2016 Results – Earnings …” on July 29, 2016. Also Prnewswire.com published the news titled: “Erie Indemnity Company Appoints New Chief Information Officer” on July 30, 2012. Prnewswire.com‘s news article titled: “Erie Indemnity Company Appoints John Kearns & George Dufala Executive Vice …” with publication date: August 25, 2010 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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