Sterne Agee Reduces Protective Life Price Target (PL)
Sterne Agee reduced its Price Target on shares of Protective Life (NYSE: PL) to $23 from $24 today. Sterne Agee maintains a Neutral rating on shares of Protective Life.
Protective Life Corporation is a holding company whose subsidiaries provide financial services through the production, distribution, and administration of insurance and investment products.
"Taking into account lower net money yields and likely slower deployment of excess liquidity balances," Sterne Agee reduced 2010 and 2011 earnings estimates. 2010 earnings estimates were moved down from $2.70 to $2.66 and 2011 earnings were moved down from $2.95 to $2.90.
Analysts at Sterne Agee "are unaware of specific properties in play of a size that would fit PL’s criteria currently, but note that mgmt was more optimistic in tone on the 2Q10 conference call than we had heard previously."
Shares of Protective Life are down 1.44% today, to $18.52.
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