Protective Life Corp.’s Neutral Rating Reaffirmed at Zacks (PL)
Protective Life Corp. (NYSE:PL)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Wednesday. They currently have a $73.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 5.16% from the stock’s previous close.
Zacks’ analyst wrote, “Protective Life’s first-quarter operating earnings of $1.19 per share was $0.04 ahead of the Zacks Consensus Estimate. On a year-over-year basis, earnings surged 34% after a super performance by its Annuity and Stable Value lines, partly dampened by higher mortality in Life Marketing and soft Acquisitions and Annuities businesses. Last month the company announced its acquisition by Dai-ichi Life. This deal will rise the company to the ranks of a global insurer from its current rank of a medium size U.S. insurer. Protective Life boasts a diversified business profile and superior operating profitability. Recent acquisitions have taken the company to new regions. Protective Life has also been changing its sales mix to improve life insurance margins and reduce interest rate exposure. A strong balance sheet with adequate risk-adjusted capitalization is another positive. However, headwinds such as weakness in Life Marketing and low interest rates will continue to weigh on the results. We thus maintain our Neutral recommendation on Protective Life. “
A number of other analysts have also recently weighed in on PL. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Protective Life Corp. in a research note on Tuesday. They now have a $70.00 price target on the stock, up previously from $49.00. Separately, analysts at Barclays downgraded shares of Protective Life Corp. from an “overweight” rating to an “equal weight” rating in a research note on Thursday, June 5th. Finally, analysts at Credit Suisse reiterated a “neutral” rating on shares of Protective Life Corp. in a research note on Wednesday, June 4th. They now have a $70.00 price target on the stock, up previously from $53.00. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $63.67.
Shares of Protective Life Corp. (NYSE:PL) traded up 0.03% on Wednesday, hitting $69.44. The stock had a trading volume of 1,190,263 shares. Protective Life Corp. has a 1-year low of $38.15 and a 1-year high of $69.88. The stock’s 50-day moving average is $62.15 and its 200-day moving average is $53.9. The company has a market cap of $5.475 billion and a price-to-earnings ratio of 14.11.
Protective Life Corp. (NYSE:PL) last released its 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. On average, analysts predict that Protective Life Corp. will post $4.84 earnings per share for the current fiscal year.
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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