Protective Life Corp. Upgraded to Buy at Bank of America (PL)
Protective Life Corp. (NYSE:PL) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $62.00 price target on the stock, up from their previous price target of $53.00. Bank of America’s price target indicates a potential upside of 21.95% from the company’s current price.
A number of other analysts have also recently weighed in on PL. Analysts at Zacks reiterated a “neutral” rating on shares of Protective Life Corp. in a research note on Wednesday. They now have a $56.00 price target on the stock. Separately, analysts at Macquarie raised their price target on shares of Protective Life Corp. from $50.00 to $51.00 in a research note on Friday, May 9th. Finally, analysts at Scotiabank downgraded shares of Protective Life Corp. from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $56.60.
Shares of Protective Life Corp. (NYSE:PL) opened at 50.84 on Friday. Protective Life Corp. has a one year low of $36.36 and a one year high of $54.48. The stock’s 50-day moving average is $51. and its 200-day moving average is $50.22. The company has a market cap of $4.008 billion and a P/E ratio of 10.61.
Protective Life Corp. (NYSE:PL) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. During the same quarter in the previous year, the company posted $0.89 earnings per share. Analysts expect that Protective Life Corp. will post $4.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 9th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from Protective Life Corp.’s previous quarterly dividend of $0.20.
Protective Life Corporation is a holding company. The Company, along with its subsidiaries, provides financial services through the production, distribution, and administration of insurance and investment products.
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