Protective Life Corp. Sees Significant Decrease in Short Interest (PL)
Shares of Protective Life Corp. (NYSE:PL) were the target of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 572,012 shares, a decrease of 45.2% from the July 15th total of 1,044,338 shares, AnalystRatings.NET reports. Based on an average daily trading volume, of 907,875 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.7% of the shares of the stock are sold short.
In other Protective Life Corp. news, SVP Steven G. Walker unloaded 7,285 shares of Protective Life Corp. stock on the open market in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $69.33, for a total value of $505,069.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
PL has been the subject of a number of recent research reports. 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 assigned a buy rating to the stock. Protective Life Corp. currently has a consensus rating of “Hold” and a consensus target price of $61.80.
Protective Life Corp. (NYSE:PL) opened at 69.24 on Wednesday. Protective Life Corp. has a one year low of $41.26 and a one year high of $69.88. The stock has a 50-day moving average of $69.41 and a 200-day moving average of $58.51. The company has a market cap of $5.460 billion and a P/E ratio of 13.91.
Protective Life Corp. (NYSE:PL) last posted its quarterly earnings results 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 declared a quarterly dividend, which is scheduled for Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, August 14th.
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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