UPDATE: Evercore Partners Raises its Price Target to $29 on Protective Life

Evercore Partners reiterates its Equal-weight rating on Protective Life (NYSE: PL) and raises its price target by $2 to $29 on a solid quarter with good capital generation and deployment.

Evercore Partners says, "While not likely fully sustainable, it was a very good EPS quarter for PL, showing good mortality and spread results and consistent capital management. And while life sales were relatively soft in the quarter, it likely reflects discipline in a low rate environment, particularly given the relative attractiveness of buybacks. Based on continued stability in earnings and capital generation, we are raising our price target from $27 to $29."

PL closed at $26.20