Insider Selling: Protective Life Corp. SVP Unloads $505,069 in Stock (PL)
Protective Life Corp. (NYSE:PL) SVP Steven G. Walker sold 7,285 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $69.33, for a total transaction of $505,069.05. Following the transaction, the senior vice president now directly owns 17,427 shares in the company, valued at approximately $1,208,214. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Protective Life Corp. (NYSE:PL) traded down 0.09% on Thursday, hitting $69.20. 791,563 shares of the company’s stock traded hands. Protective Life Corp. has a 52-week low of $41.26 and a 52-week high of $69.88. The stock has a 50-day moving average of $69.43 and a 200-day moving average of $57.86. The company has a market cap of $5.457 billion and a price-to-earnings ratio of 13.91. Protective Life Corp. also was the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 572,012 shares, a decline of 45.2% from the July 15th total of 1,044,338 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average trading volume of 907,875 shares, the short-interest ratio is currently 0.6 days.
Protective Life Corp. (NYSE:PL) last released its earnings data on Monday, August 4th. The company reported $1.31 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.20 by $0.11. During the same quarter in the prior year, the company posted $0.96 earnings per share. Analysts expect that Protective Life Corp. will post $4.96 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Thursday, August 14th.
A number of analysts have recently weighed in on PL shares. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Protective Life Corp. in a research note on Tuesday, July 1st. 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. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $61.80.
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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