Ex-Dividend Alert: Erie Indemnity Raised its Dividend by 7.3%; Will Trade Ex-Dividend on January 05, 2018
LONDON, UK / ACCESSWIRE / January 04, 2018 / Active-Investors has a free review on Erie Indemnity Co. (NASDAQ: ERIE) following the Company's announcement that it will begin trading ex-dividend on January 05, 2018. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on January 04, 2018. Active-Investors has initiated due-diligence on this dividend stock. Register with us for more free research including the one on ERIE:
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Dividend Declared
On December 08, 2017, Erie Indemnity's Board agreed to increase the regular quarterly cash dividend from $0.7825 to $0.84 on each Class A share. This represents a 7.3% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable January 23, 2018, to shareholders of record as of January 08, 2018.
Erie Indemnity's indicated dividend represents a yield of 2.76% compared to the average dividend yield of 4.01% for the Financial sector. Erie Indemnity has paid regular shareholder dividends since 1933.
Dividend Insights
Erie Indemnity has a dividend payout ratio of 86.2%, which denotes that the Company spends approximately $0.86 for dividend distribution out of every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Erie Indemnity is forecasted to report earnings of $4.49 per share for the next year, which is substantially above the Company's annualized dividend of $3.36 per share.
At September 30, 2017, Erie Indemnity's cash and cash equivalents totaled $184.63 million compared to $189.07 million as on December 31, 2016. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for Erie Indemnity
On December 08, 2017, Erie Insurance announced the promotion of Dionne Wallace Oakley to Executive Vice President of Human Resources & Strategy, effective January 01, 2018. In this role she will expand her oversight to include several strategic functions.
Wallace Oakley came to Erie Insurance in 2011 as Vice President - HR Business Partners, following a 22-year career at State Farm where her responsibilities included commercial lines service, personal lines underwriting, auto claims, corporate public affairs, agent recruiting and human resources.
Wallace Oakley earned a dual bachelor's degree in marketing and business from Delaware State University and a master's in human resource development from Towson University in Baltimore. She is active in the community, serving on the Boards of the Erie Community Foundation, Pennsylvania Workforce Development Board, Team Pennsylvania, United Way of Erie County, the Resources Committee. and the Erie Zoo.
About Erie Indemnity
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10th largest homeowners' insurer and 11th largest automobile insurer in the United States based on direct premiums written and the 15th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia.
Stock Performance Snapshot
January 03, 2018 - At Wednesday's closing bell, Erie Indemnity's stock was marginally up 0.18%, ending the trading session at $119.54.
Volume traded for the day: 39.40 thousand shares, which was above the 3-month average volume of 23.12 thousand shares.
Stock performance in the previous three-month period – up 0.27%; and past twelve-month period – up 6.80%
After yesterday's close, Erie Indemnity's market cap was at $6.21 billion.
Price to Earnings (P/E) ratio was at 29.70.
The stock has a dividend yield of 2.81%.
The stock is part of the Financial sector, categorized under the Insurance Brokers industry. This sector was up 0.4% at the end of the session.
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