Erie Indemnity, the management arm of Erie Insurance, was flying high in 2023.
In fact, the company’s publicly traded stock rose more than 37% to end the year at $334.92.
Those lofty numbers seemed like a distant memory last week when the stock closed at an even loftier all-time high of $536.99.
That’s an increase of 60.33%, nearly six times the 10.5% annual increase that’s typical for the stock market, according to figures from Business Insider.
Stock has been surging in recent weeks
Much of those gains have been come in recent weeks. As recently as July 25, the stock closed at $387.51, according to Yahoo Finance.
The financial press has taken notice.
Statmuse , for instance, reported recently that Erie Indemnity had the highest return between June 28 and September 19 of any U.S. stock with a market capitalization of $25 billion or more.
A Sept. 16 article on Simply Wall Street examined the forces driving the stock’s momentum.
And last week, Zack’s Investment Research identified Erie Indemnity as Bull of the Day .