Recent Insider Transactions • Jun 07
Independent Director recently bought US$1.5m worth of stock On the 2nd of June, Elizabeth Ann Vorsheck bought around 7k shares on-market at roughly US$211 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.4m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Jun 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to US$208. The fair value is estimated to be US$263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • May 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to US$211. The fair value is estimated to be US$264, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Declared Dividend • Apr 27
Dividend of US$1.46 announced Shareholders will receive a dividend of US$1.46. Ex-date: 7th July 2026 Payment date: 21st July 2026 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 24
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 186% Dividend yield: 2.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: US$3.26 (vs US$2.65 in 1Q 2025) First quarter 2026 results: EPS: US$3.26 (up from US$2.65 in 1Q 2025). Revenue: US$1.01b (up 2.3% from 1Q 2025). Net income: US$150.5m (up 8.7% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 07
Erie Indemnity Company to Report Q1, 2026 Results on Apr 23, 2026 Erie Indemnity Company announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 23, 2026 Upcoming Dividend • Mar 31
Upcoming dividend of US$1.46 per share Eligible shareholders must have bought the stock before 07 April 2026. Payment date: 21 April 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.7%). Announcement • Mar 25
Erie Indemnity Company, Annual General Meeting, Apr 21, 2026 Erie Indemnity Company, Annual General Meeting, Apr 21, 2026. Location: in the auditorium of the f.w. hirt, perry square building, located at 100 erie insurance place,erie, pennsylvania 16530., United States Declared Dividend • Feb 26
Fourth quarter dividend of US$1.46 announced Shareholders will receive a dividend of US$1.46. Ex-date: 7th April 2026 Payment date: 21st April 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 24
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$10.70 (down from US$11.48 in FY 2024). Revenue: US$4.07b (up 7.2% from FY 2024). Net income: US$559.3m (down 6.8% from FY 2024). Profit margin: 14% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 10
Now 22% overvalued Over the last 90 days, the stock has fallen 1.5% to US$279. The fair value is estimated to be US$228, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 5.6% in a year. Earnings are forecast to grow by 7.1% in the next year. Announcement • Feb 03
Erie Indemnity Company to Report Q4, 2025 Results on Feb 23, 2026 Erie Indemnity Company announced that they will report Q4, 2025 results After-Market on Feb 23, 2026 Upcoming Dividend • Dec 30
Upcoming dividend of US$1.46 per share Eligible shareholders must have bought the stock before 06 January 2026. Payment date: 21 January 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.3%). Declared Dividend • Dec 16
Third quarter dividend increased to US$1.46 Dividend of US$1.46 is 7.1% higher than last year. Ex-date: 6th January 2026 Payment date: 21st January 2026 Dividend yield will be 1.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 12
Erie Indemnity Company Declares Regular Quarterly Cash Dividend, Payable on Jan. 21, 2026 The Board of Erie Indemnity Company also agreed to increase the regular quarterly cash dividend from $1.365 to $1.4625 on each Class A share and from $204.75 to $219.375 on each Class B share. This represents a 7.1 percent increase in the payout per share over the current dividend rate. The next quarterly dividend is payable Jan. 21, 2026, to shareholders of record as of Jan. 6, 2026, with a dividend ex-date of Jan. 6, 2026. Announcement • Oct 23
Erie Indemnity Company to Report Q3, 2025 Results on Oct 30, 2025 Erie Indemnity Company announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 30, 2025 Upcoming Dividend • Sep 29
Upcoming dividend of US$1.37 per share Eligible shareholders must have bought the stock before 06 October 2025. Payment date: 21 October 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.0%). Declared Dividend • Aug 13
Second quarter dividend of US$1.37 announced Shareholders will receive a dividend of US$1.37. Ex-date: 6th October 2025 Payment date: 21st October 2025 Dividend yield will be 1.5%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$2.56. Revenue: US$1.06b (up 7.0% from 2Q 2024). Net income: US$174.7m (up 6.6% from 2Q 2024). Profit margin: 17% (in line with 2Q 2024). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Insurance industry in the US. Announcement • Jul 29
Erie Indemnity Company to Report Q2, 2025 Results on Aug 07, 2025 Erie Indemnity Company announced that they will report Q2, 2025 results After-Market on Aug 07, 2025 Upcoming Dividend • Jul 01
Upcoming dividend of US$1.37 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 22 July 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (1.9%). Declared Dividend • Apr 30
Dividend of US$1.37 announced Shareholders will receive a dividend of US$1.37. Ex-date: 8th July 2025 Payment date: 22nd July 2025 Dividend yield will be 1.5%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 25
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$3.00 (up from US$2.38 in 1Q 2024). Revenue: US$989.4m (up 12% from 1Q 2024). Net income: US$138.4m (up 11% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 31% per year. Announcement • Apr 09
Erie Indemnity Company to Report Q1, 2025 Results on Apr 24, 2025 Erie Indemnity Company announced that they will report Q1, 2025 results After-Market on Apr 24, 2025 Upcoming Dividend • Mar 31
Upcoming dividend of US$1.37 per share Eligible shareholders must have bought the stock before 07 April 2025. Payment date: 22 April 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (1.8%). Announcement • Mar 24
Erie Indemnity Company, Annual General Meeting, Apr 22, 2025 Erie Indemnity Company, Annual General Meeting, Apr 22, 2025. Location: in the auditorium of the f.w. hirt, perry square building, located at 100 erie insurance place, erie, pennsylvania 16530, United States Declared Dividend • Mar 06
Fourth quarter dividend of US$1.37 announced Shareholders will receive a dividend of US$1.37. Ex-date: 7th April 2025 Payment date: 22nd April 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$13.00 (up from US$8.53 in FY 2023). Revenue: US$3.80b (up 16% from FY 2023). Net income: US$600.3m (up 35% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Erie Indemnity Company to Report Q4, 2024 Results on Feb 27, 2025 Erie Indemnity Company announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Upcoming Dividend • Dec 31
Upcoming dividend of US$1.37 per share Eligible shareholders must have bought the stock before 07 January 2025. Payment date: 22 January 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (1.9%). Declared Dividend • Dec 16
Third quarter dividend increased to US$1.37 Dividend of US$1.37 is 7.1% higher than last year. Ex-date: 7th January 2025 Payment date: 22nd January 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 13
Erie Indemnity Declares Regular Dividends, Payable on Jan. 22, 2025 The Board of Erie Indemnity Company also agreed to increase the regular quarterly cash dividend from $1.275 to $1.365 on each Class A share and from $191.25 to $204.75 on each Class B share. This represents a 7.1% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable Jan. 22, 2025, to shareholders of record as of Jan. 7, 2025, with a dividend ex-date of Jan. 7, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$3.46 (up from US$2.51 in 3Q 2023). Revenue: US$999.9m (up 16% from 3Q 2023). Net income: US$159.8m (up 22% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
Erie Indemnity Company to Report Q3, 2024 Results on Oct 31, 2024 Erie Indemnity Company announced that they will report Q3, 2024 results After-Market on Oct 31, 2024 Upcoming Dividend • Sep 30
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 07 October 2024. Payment date: 22 October 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (1.6%). Declared Dividend • Jul 29
Dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 7th October 2024 Payment date: 22nd October 2024 Dividend yield will be 1.2%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$3.14 (up from US$2.25 in 2Q 2023). Revenue: US$990.4m (up 18% from 2Q 2023). Net income: US$163.9m (up 39% from 2Q 2023). Profit margin: 17% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 16
Erie Indemnity Company to Report Q2, 2024 Results on Jul 25, 2024 Erie Indemnity Company announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (1.9%). Declared Dividend • May 01
Dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 9th July 2024 Payment date: 23rd July 2024 Dividend yield will be 1.3%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$2.70 (up from US$1.65 in 1Q 2023). Revenue: US$880.7m (up 17% from 1Q 2023). Net income: US$124.6m (up 44% from 1Q 2023). Profit margin: 14% (up from 12% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Announcement • Apr 13
Erie Indemnity Company to Report Q1, 2024 Results on Apr 25, 2024 Erie Indemnity Company announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Upcoming Dividend • Apr 01
Upcoming dividend of US$1.28 per share Eligible shareholders must have bought the stock before 08 April 2024. Payment date: 23 April 2024. Payout ratio is a comfortable 50% and the cash payout ratio is 77%. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (1.7%). Announcement • Mar 24
Erie Indemnity Company, Annual General Meeting, Apr 23, 2024 Erie Indemnity Company, Annual General Meeting, Apr 23, 2024, at 09:30 US Eastern Standard Time. Location: Thomas B. Hagen Building, located at 100 Erie Insurance Place, Erie, Pennsylvania 16530 Erie Pennsylvania United States Agenda: To elect 11 persons to serve as directors until our 2025 annual meeting of shareholders and until their successors are elected and qualified; to approve the adoption of the First Amendment to our Equity Compensation Plan; to approve the adoption of our Amended and Restated Long Term Incentive Plan; and to consider other matters. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$412, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 90% over the past three years. Recent Insider Transactions • Mar 03
Non-Independent Director recently sold US$4.1m worth of stock On the 29th of February, John Borneman sold around 10k shares on-market at roughly US$407 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$4.6m more than they bought in the last 12 months. Declared Dividend • Mar 01
Fourth quarter dividend of US$1.28 announced Shareholders will receive a dividend of US$1.28. Ex-date: 8th April 2024 Payment date: 23rd April 2024 Dividend yield will be 1.2%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 29
Erie Indemnity Company Announce Dividend of Class A, Payable on April 23, 2024 Erie Indemnity Company announced dividend of Class A Rate Per Share is $1.275. Ex-Dividend Date is April 8, 2024. Record Date is April 9, 2024. Payable Date is April 23, 2024. Reported Earnings • Feb 27
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: US$9.66 (up from US$5.71 in FY 2022). Revenue: US$3.27b (up 15% from FY 2022). Net income: US$446.1m (up 49% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Announcement • Feb 09
Erie Indemnity Company to Report Q4, 2023 Results on Feb 26, 2024 Erie Indemnity Company announced that they will report Q4, 2023 results After-Market on Feb 26, 2024 Upcoming Dividend • Dec 29
Upcoming dividend of US$1.28 per share at 1.4% yield Eligible shareholders must have bought the stock before 05 January 2024. Payment date: 23 January 2024. Payout ratio is a comfortable 62% and the cash payout ratio is 80%. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.0%). Announcement • Dec 08
Erie Indemnity Company Declares Regular Dividend, Payable on January 23, 2024 At its regular meeting held December 5, 2023, the Board of Directors of Erie Indemnity Company approved to increase the regular quarterly cash dividend from $1.19 to $1.275 on each Class A share and from $178.50 to $191.25 on each Class B share. This represents a 7.1% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable January 23, 2024, to shareholders of record as of January 8, 2024, with a dividend ex-date of January 5, 2024. Announcement • Oct 28
Lorianne Feltz to Retire as Executive Vice President of Claims & Customer Service of Erie Indemnity Company on May 30, 2024 Erie Indemnity Company announced that on October 24, 2023, Lorianne Feltz informed the Company of her intention to retire as Executive Vice President of Claims & Customer Service on May 30, 2024. Feltz, 54, has served as Executive Vice President of Claims & Customer Service since 2016. She has worked at the Company for 34 years, holding numerous positions of increasing responsibility throughout her tenure. The Company will immediately begin a search for her replacement. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$2.51 (up from US$1.61 in 3Q 2022). Revenue: US$858.9m (up 16% from 3Q 2022). Net income: US$131.0m (up 55% from 3Q 2022). Profit margin: 15% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Announcement • Oct 07
Erie Indemnity Company to Report Q3, 2023 Results on Oct 26, 2023 Erie Indemnity Company announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Upcoming Dividend • Sep 27
Upcoming dividend of US$1.19 per share at 1.6% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to US$274, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 12x in the Insurance industry in the US. Total returns to shareholders of 35% over the past three years. Announcement • Aug 03
Erie Insurance Announces Management Changes Erie Insurance announced the promotion of Karen Skarupski to senior vice president, Human Resources. Skarupski succeeds Sean Dugan, who was promoted to executive vice president, Human Resources & Corporate Services in January 2023. During her 32 years with ERIE, Skarupski has held several leadership roles in law, human resources, compliance and privacy, and has served as VP, corporate privacy officer, since 2018. Skarupski began her ERIE career in 1991 when she left private law practice to join ERIE's Law Division working primarily on employment-related legal matters. For nearly 20 years, she provided counsel to company HR leaders on employee benefits, diversity and inclusion, compensation, leave and disability issues, compliance and training, and workplace safety and health. She also served as interim division officer for Human Resources in 2008. Skarupski holds a bachelor's degree in history from Allegheny College and a juris doctor degree from Case Western Reserve University. She is also a Certified Information Privacy Manager and a Certified Information Privacy Professional. Skarupski is a member of the Erie and Pennsylvania Bar Associations, the Property Casualty Insurers Association of America and serves as a trustee of the Erie County Bar Foundation. New Risk • Jul 28
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 424% Dividend yield: 2.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Jul 28
Erie Indemnity Company Approves Quarterly Dividend on Class A Common Stock, Payable on October 20, 2023 At its meeting on July 25, 2023, Erie Indemnity Company's Board of Directors approved the following quarterly dividend of $1.19 per share on Class A common stock. The dividend is payable on October 20, 2023 with Ex-Dividend Date of October 4, 2023 and Record Date of October 5, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$2.55 (up from US$1.53 in 2Q 2022). Revenue: US$839.9m (up 16% from 2Q 2022). Net income: US$117.9m (up 47% from 2Q 2022). Profit margin: 14% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Jul 13
Erie Indemnity Company to Report Q2, 2023 Results on Jul 27, 2023 Erie Indemnity Company announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 27, 2023 Upcoming Dividend • Jun 28
Upcoming dividend of US$1.19 per share at 2.3% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 20 July 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (5.0%). In line with average of industry peers (2.3%). Announcement • Jun 25
Erie Indemnity Company(NasdaqGS:ERIE) dropped from Russell 1000 Value-Defensive Index Erie Indemnity Company(NasdaqGS:ERIE) dropped from Russell 1000 Value-Defensive Index Reported Earnings • Apr 29
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$1.87 (up from US$1.49 in 1Q 2022). Revenue: US$752.5m (up 12% from 1Q 2022). Net income: US$86.2m (up 26% from 1Q 2022). Profit margin: 12% (up from 10% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 28
Upcoming dividend of US$1.19 per share at 2.1% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 20 April 2023. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (2.3%). Reported Earnings • Mar 03
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$5.71 (up from US$5.70 in FY 2021). Revenue: US$2.84b (up 7.8% from FY 2021). Net income: US$298.6m (flat on FY 2021). Profit margin: 11% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jan 26
Erie Indemnity Company to Report Q4, 2022 Results on Feb 23, 2023 Erie Indemnity Company announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 23, 2023 Upcoming Dividend • Dec 28
Upcoming dividend of US$1.19 per share Eligible shareholders must have bought the stock before 04 January 2023. Payment date: 20 January 2023. Payout ratio and cash payout ratio are on the higher end at 81% and 94% respectively. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.2%). Announcement • Dec 08
Erie Indemnity Company Declares Regular Dividend, Payable on January 20, 2023 At its regular meeting held December 6, 2022, the Board of Directors of Erie Indemnity Company agreed to increase the regular quarterly cash dividend from $1.11 to $1.19 on each Class A share and from $166.50 to $178.50 on each Class B share. This represents a 7.2% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable January 20, 2023, to shareholders of record as of January 5, 2023, with a dividend ex-date of January 4, 2023. Recent Insider Transactions • Nov 16
Insider recently sold US$190k worth of stock On the 11th of November, Marc Cipriani sold around 750 shares on-market at roughly US$253 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.