Key Developments: Erie Indemnity Co (ERIE.OQ)
80.00USD
1 Aug 2013
$-0.37 (-0.46%)
$80.37
$80.61
$80.72
$79.23
8,645
10,968
$83.45
$61.63
Latest Key Developments (Source: Significant Developments)
Erie Indemnity Co Increases Quarterly Dividends, Declares Regular And Special Cash Dividends
Erie Indemnity Co announced that Board of Directors approved an increase in regular shareholder dividends and declared a special cash dividend. Erie Indemnity Company has paid regular shareholder dividends since 1933. The Board agreed to increase the regular quarterly cash dividend from $0.5525 to $0.5925 on each Class A share and from $82.875 to $88.875 on each Class B share. This represents a 7.2% increase in the payout per share over the current dividend rate. This quarterly dividend is normally declared by the Board at its December meeting and paid in January of the following year. However, given the potential significant increases in tax rates on dividend income in 2013, the Board has decided to accelerate the payment of this quarterly dividend into December. This quarterly dividend will be paid on December 21, 2012, to shareholders of record as of the close of business on December 7, 2012, with a dividend ex-date of December 5, 2012. The Board also declared a special one-time cash dividend of $2.00 on each Class A share and $300.00 on each Class B share. This special cash dividend will also be paid on December 21, 2012, to shareholders of record as of the close of business on December 7, 2012, with a dividend ex-date of December 5, 2012. Full Article
Erie Indemnity Company Announces Dividend Increase
Erie Indemnity Company announced that the Board agreed to increase the regular quarterly cash dividend from $0.515 to $0.5525 on each Class A share and from $77.25 to $82.875 on each Class B share. This represents a 7.3% increase in the payout per share over the current dividend rate. The dividend is payable January 20, 2012 , to shareholders of record as of January 5, 2012 , with a dividend ex-date of January 3, 2012 . Full Article
Erie Indemnity Company Increases Funds for Share Repurchase Program
Erie Indemnity Company announced that the Board of Directors of Erie Indemnity Company reauthorized the Company's share repurchase program and approved $150 million in repurchase authority under the program. The repurchase authority is effective immediately and includes, and is not in addition to, any unspent amounts remaining under the prior authorization. As of October 20, 2011, there was approximately $5 million remaining under the prior authorization. Under the share repurchase program, the Company may repurchase up to $150 million of its outstanding Class A common stock from time to time, at times and in a manner and amounts that the Company deems appropriate, depending on prevailing market conditions and alternative uses of the Company's capital. Full Article

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