Short Interest in Protective Insurance Corp (NASDAQ:PTVCA) Rises By 22.2%

Protective Insurance Corp (NASDAQ:PTVCA) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,100 shares, a growth of 22.2% from the September 30th total of 900 shares. Based on an average daily trading volume, of 1,200 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.1% of the company’s stock are sold short.

NASDAQ PTVCA traded down $0.15 on Friday, hitting $14.85. 200 shares of the stock traded hands, compared to its average volume of 666. Protective Insurance has a twelve month low of $14.75 and a twelve month high of $22.75. The stock has a 50-day moving average of $15.40 and a 200 day moving average of $16.06.

Protective Insurance (NASDAQ:PTVCA) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.06) earnings per share (EPS) for the quarter. The firm had revenue of $119.83 million for the quarter. Protective Insurance had a negative net margin of 4.39% and a negative return on equity of 3.38%.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Monday, November 18th.

A number of hedge funds and other institutional investors have recently modified their holdings of PTVCA. Arbiter Partners Capital Management LLC boosted its stake in Protective Insurance by 30.1% during the 2nd quarter. Arbiter Partners Capital Management LLC now owns 97,037 shares of the company’s stock valued at $1,601,000 after purchasing an additional 22,425 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Protective Insurance by 10.7% during the 2nd quarter. Wells Fargo & Company MN now owns 141,289 shares of the company’s stock valued at $2,331,000 after purchasing an additional 13,712 shares in the last quarter. Finally, Capital Returns Management LLC boosted its stake in Protective Insurance by 0.4% during the 2nd quarter. Capital Returns Management LLC now owns 224,302 shares of the company’s stock valued at $3,896,000 after purchasing an additional 911 shares in the last quarter. 4.12% of the stock is owned by hedge funds and other institutional investors.

About Protective Insurance

Protective Insurance Corporation, through its subsidiaries, engages in marketing and underwriting property and casualty insurance products. The company offers a range of fleet transportation insurance products, including commercial motor vehicle liability, physical damage, and general liability insurance; workers compensation insurance; medical and indemnity insurance products; non-trucking motor vehicle liability insurance; fidelity and surety bonds; and inland marine products consisting of cargo insurance.

Read More: What is the outlook for the FAANG stocks?

Receive News & Ratings for Protective Insurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Protective Insurance and related companies with MarketBeat.com's FREE daily email newsletter.