Company Overview:
Erie Indemnity Company was founded in 1925 and is headquartered in Erie, Pennsylvania. It provides sales, underwriting, and policy issuance services to the policyholders of Erie Insurance Exchange primarily in the Midwest, mid-Atlantic, and Southeast regions of the United States. The company sells its products through independent insurance agents. The company has a wide range of diversified insurance products such as auto insurance, motorcycle insurance, insurance coverage for car collectors, ATVs, RVs, boat insurance, homeowners insurance, renters insurance, condo insurance, mobile home insurance, personal valuables insurance, flood insurance, life insurance, personal catastrophe liability insurance, identity theft recovery coverage, business and commercial insurance.
Statistics:
- Dividend Yield: 2.9%
- 10 Year Dividend Growth Rate: 6.9%
- 5 Year Dividend Growth Rate: 7.2%
- 3 Year Dividend Growth Rate: 7.2%
- Payout Ratio: 68.0%
- P/E: 28.8
- Consecutive Years of Dividend Raises: 22
- Dividend Payout: Quarterly
I purchased 18 shares of Erie Indemnity Co. (ERIE) for the price of $115.94 per share for a total investment of $2,086.92 adding around $60.48 to my annual dividend income.
This is the 1st time I am initiating a stock acquisition this year. This transaction is my first ever purchase of ERIE stock shares into the portfolio. Currently, ERIE ownership stake represents to be around 1.7% of my current portfolio value. Also, the acquisition of ERIE makes it the 39th company or ownership stake I am invested in.
Conclusion:
The Portfolio “The Dividend Machine” has been updated with link ➡️ here.
Thank you for reading & have a great day!