Erie Indemnity (ERIE) Increases Dividend to $0.90 Per Share

Erie Indemnity (NASDAQ:ERIE) declared a quarterly dividend on Friday, December 7th, RTT News reports. Stockholders of record on Tuesday, January 8th will be given a dividend of 0.90 per share by the financial services provider on Wednesday, January 23rd. This represents a $3.60 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Monday, January 7th. This is an increase from Erie Indemnity’s previous quarterly dividend of $0.84.

Erie Indemnity has raised its dividend payment by an average of 7.2% per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Erie Indemnity has a payout ratio of 68.4% indicating that its dividend is sufficiently covered by earnings.

NASDAQ:ERIE opened at $131.43 on Friday. The company has a market cap of $6.13 billion, a PE ratio of 25.92 and a beta of 0.37. Erie Indemnity has a 52 week low of $106.63 and a 52 week high of $147.17. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.99 and a quick ratio of 1.99.

Erie Indemnity (NASDAQ:ERIE) last posted its earnings results on Thursday, October 25th. The financial services provider reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.18. The company had revenue of $612.13 million during the quarter. Erie Indemnity had a return on equity of 30.65% and a net margin of 11.69%.

Several equities analysts have recently commented on ERIE shares. ValuEngine raised Erie Indemnity from a “hold” rating to a “buy” rating in a report on Saturday, October 27th. BidaskClub raised Erie Indemnity from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th.

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About Erie Indemnity

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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Dividend History for Erie Indemnity (NASDAQ:ERIE)

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