Erie Indemnity Co Stock Research

Market Summary

USD224.19+0.67

Market Closed

0.30%

ERIE Stock Price

ERIE RSI Chart

ERIE Valuation

ERIE Profitability

EBT Margin

13.25%

Return on Equity

20.61%

Return on Assets

13.33%

ERIE Fundamentals

ERIE Revenue

Revenue (TTM)

2.8B

Revenue Y/Y

10.17%

Revenue Q/Q

-5.48%

ERIE Earnings

Earnings (TTM)

298.6M

Earnings Y/Y

18.98%

Earnings Q/Q

-22.33%

Price Action

52 Week Range

156.79286.50

(Low)(High)

Last 7 days

-3.5%

Last 30 days

-6.6%

Last 90 days

-18.8%

Trailing 12 Months

28.2%

ERIE Financial Health

Current Ratio

1.17

ERIE Investor Care

Financials for Erie Indemnity

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	2.3%	2,840	2,775	2,722	2,676	2,634
Operating Expenses	1.9%	2,464	2,419	2,377	2,350	2,316
EBITDA	3.0%	378	367	376	375	381
EBITDA Margin	0.7%	0.13*	0.13*	0.14*	0.14*	0.14*
Earnings Before Taxes	3.3%	376	364	372	371	376
EBT Margin	1.0%	0.13*	0.13*	0.14*	0.14*	0.14*
Interest Expenses	-34.3%	2.00	3.00	4.00	4.00	4.00
Net Income	3.6%	299	288	294	293	298
Net Income Margin	1.3%	0.11*	0.10*	0.11*	0.11*	0.11*
Free Cahsflow	-2.8%	366	377	381	393	403

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.8%	2,239	2,178	2,180	2,224	2,242
Current Assets	7.5%	779	724	743	751	764
Cash Equivalents	45.5%	142	98.00	90.00	141	184
Liabilities	-3.7%	791	821	841	890	900
Current Liabilities	4.9%	665	634	637	601	631
. Short Term Borrowings	Infinity%	40.00	-	-	-	-
LT Debt, Current	NaN%	-	-	-	2.00	2.00
LT Debt, Non Current	NaN%	-	-	-	91.00	92.00
Shareholder's Equity	6.8%	1,448	1,357	1,339	1,334	1,342
Retained Earnings	0.4%	2,583	2,573	2,541	2,512	2,495
Additional Paid-In Capital	0%	16.00	16.00	16.00	16.00	16.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-2.8%	366	377	381	393	403
Cashflow From Investing	50.8%	-106	-217	-192	-188	-185
Cashflow From Financing	-1.0%	-300	-297	-254	-198	-194
Dividend Payments	1.7%	207	203	200	196	193

Risks for ERIE

What is the probability of a big loss on ERIE?

54.2%

Probability that Erie Indemnity stock will be more than 20% underwater in next one year

29.2%

Probability that Erie Indemnity stock will be more than 30% underwater in next one year.

7.3%

Probability that Erie Indemnity stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does ERIE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Erie Indemnity was unfortunately bought at previous high price.

Drawdowns

Returns for ERIE

Cumulative Returns on ERIE

14.5%

10-Year Cumulative Returns

16.4%

7-Year Cumulative Returns

17.3%

5-Year Cumulative Returns

16.1%

3-Year Cumulative Returns

What are the long-term rolling returns for ERIE?

FIve years rolling returns for Erie Indemnity.

Annualized Returns

Which funds bought or sold ERIE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	new	-	249,715	249,715	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	131	6,328,380	10,321,400	0.01%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	1,000	-%
2023-02-28	Voya Investment Management LLC	added	287	6,464,000	8,405,000	0.01%
2023-02-23	Tandem Wealth Advisors LLC	new	-	10,695	10,695	0.01%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-7.3	611,000	17,058,000	0.18%
2023-02-21	MACQUARIE GROUP LTD	reduced	-2.84	48,851	611,851	-%
2023-02-17	TRUIST FINANCIAL CORP	unchanged	-	2,439,300	22,968,300	0.04%
2023-02-16	HARBOUR INVESTMENTS, INC.	new	-	2,238	2,238	-%
2023-02-15	Vestcor Inc	added	373	568,000	700,000	0.03%

Latest Funds Activity

Are funds buying ERIE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own ERIE

No. of Funds

Erie Indemnity News

Schedule 13G FIlings of Erie Indemnity

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	5.30%	2,450,196	SC 13G/A
Feb 11, 2022	pnc financial services group, inc.	12.51%	5,780,336	SC 13G/A
Feb 10, 2022	vanguard group inc	5.21%	2,406,357	SC 13G/A
Feb 12, 2021	pnc financial services group, inc.	12.53%	5,788,221	SC 13G/A
Feb 10, 2021	vanguard group inc	5.66%	2,614,144	SC 13G/A
Feb 12, 2020	vanguard group inc	5.71%	2,641,770	SC 13G/A
Feb 07, 2020	pnc financial services group, inc.	12.15%	5,611,033	SC 13G/A

ERIE Fair Value

Recent SEC filings of Erie Indemnity

View All Filings

Date Filed	Form Type	Document
Mar 24, 2023	ARS	ARS
Mar 24, 2023	DEF 14C	DEF 14C
Mar 20, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 01, 2023	10-K	Annual Report
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading

Latest Insider Trading transactions for ERIE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-28	Feltz Lorianne	acquired	463	235	1.971	executive vice president
2023-02-28	Smith Douglas Edward	acquired	187	235	0.798	evp
2023-01-31	Gutting Gregory J	acquired	456	244	1.869	evp & cfo
2023-01-31	Feltz Lorianne	acquired	1,308	244	5.354	executive vice president
2023-01-31	Colaizzo Louis F	acquired	1.71045	244	0.007	svp
2023-01-31	Smith Douglas Edward	acquired	547	244	2.24	evp
2022-12-31	Smith Douglas Edward	acquired	452	248	1.819	evp
2022-12-31	Feltz Lorianne	acquired	889	248	3.577	executive vice president
2022-12-16	Colaizzo Louis F	gifted	-54,626	281	-194	svp
2022-11-11	Cipriani Marc	sold	-189,536	252	-750	senior vice president

About Erie Indemnity

Timothy G. NeCastro

www.erieinsurance.com

5880

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, policy issuance, and renewal services for the policyholders on behalf of the Erie Insurance Exchange. It also offers sales related services, including agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing; and other services consist of customer services and administrative support services, as well as information technology services. Erie Indemnity Company was incorporated in 1925 and is based in Erie, Pennsylvania.

ERIE Income Statement

2022-12-31

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating revenue
Total operating revenue	$ 2,840,124	$ 2,633,977	$ 2,536,489
Operating expenses
Total operating expenses	2,463,910	2,315,880	2,198,332
Operating income	376,214	318,097	338,157
Investment income
Net investment income	28,585	62,177	29,753
Net realized and unrealized investment (losses) gains	(27,286)	4,946	6,392
Net impairment (losses) recoveries recognized in earnings	(667)	209	(3,278)
Total investment income	632	67,332	32,867
Interest expense, net	2,009	4,132	731
Other income (expense)	1,615	(4,893)	(1,778)
Income before income taxes	376,452	376,404	368,515
Income tax expense	77,883	78,544	75,211
Net income	$ 298,569	$ 297,860	$ 293,304
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 6.41	$ 6.40	$ 6.30
Common stock - diluted (in dollars per share)	$ 5.71	$ 5.69	$ 5.61
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,188,916	46,188,806	46,188,659
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,297,990	52,307,302	52,313,360
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 962	$ 959	$ 945
Common stock - diluted (in dollars per share)	$ 962	$ 959	$ 945
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 2,087,846	$ 1,913,166	$ 1,841,794
Operating expenses
Total operating expenses	1,795,642	1,677,397	1,588,897
Management fee revenue - administrative services
Operating revenue
Total operating revenue	58,323	58,286	59,463
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	668,268	638,483	609,435
Operating expenses
Total operating expenses	668,268	638,483	609,435
Service agreement revenue
Operating revenue
Total operating revenue	$ 25,687	$ 24,042	$ 25,797

ERIE Balance Sheet

2022-12-31

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 142,090	$ 183,702
Available-for-sale securities	24,267	38,396
Receivables from Erie Insurance Exchange and affiliates, net	524,937	479,123
Prepaid expenses and other current assets	79,201	56,206
Accrued investment income	8,301	6,303
Total current assets	778,796	763,730
Available-for-sale securities, net	870,394	907,689
Equity securities	72,560	87,743
Fixed assets, net	413,874	374,802
Agent loans, net	60,537	58,683
Deferred income taxes, net	0	145
Other assets	43,295	49,265
Total assets	2,239,456	2,242,057
Current liabilities:
Commissions payable	300,028	270,746
Agent bonuses	95,166	120,437
Accounts payable and accrued liabilities	165,915	138,317
Dividends payable	55,419	51,693
Contract liability	36,547	34,935
Deferred executive compensation	12,036	12,637
Current portion of long-term borrowings	0	2,098
Total current liabilities	665,111	630,863
Defined benefit pension plans	51,224	130,383
Long-term borrowings	0	91,734
Contract liability	17,895	17,686
Deferred executive compensation	13,724	14,571
Deferred income taxes, net	14,075	0
Other long-term liabilities	29,019	14,342
Total liabilities	791,048	899,579
Shareholders' equity
Additional paid-in-capital	16,481	16,496
Accumulated other comprehensive loss	(7,414)	(25,288)
Retained earnings	2,583,261	2,495,190
Total contributed capital and retained earnings	2,594,498	2,488,568
Treasury stock, at cost; 22,110,132 shares held	(1,168,949)	(1,167,828)
Deferred compensation	22,859	21,738
Total shareholders' equity	1,448,408	1,342,478
Total liabilities and shareholders' equity	2,239,456	2,242,057
Class A common stock
Shareholders' equity
Common stock	1,992	1,992
Class B common stock
Shareholders' equity
Common stock	$ 178	$ 178