Protective Insurance Corp (NASDAQ:PTVCA) Sees Significant Decline in Short Interest

Protective Insurance Corp (NASDAQ:PTVCA) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 1,000 shares, a drop of 9.1% from the June 30th total of 1,100 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily volume of 1,300 shares, the days-to-cover ratio is currently 0.8 days.

Shares of NASDAQ:PTVCA traded up $0.16 during trading on Friday, hitting $16.56. 1,200 shares of the company’s stock were exchanged, compared to its average volume of 1,840. Protective Insurance has a 52-week low of $15.05 and a 52-week high of $23.60. The business’s 50-day simple moving average is $16.57 and its 200 day simple moving average is $17.89.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Monday, August 19th.

Several large investors have recently added to or reduced their stakes in the stock. Capital Returns Management LLC grew its position in shares of Protective Insurance by 0.4% during the second quarter. Capital Returns Management LLC now owns 224,302 shares of the company’s stock worth $3,896,000 after purchasing an additional 911 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Protective Insurance by 10.7% during the second quarter. Wells Fargo & Company MN now owns 141,289 shares of the company’s stock worth $2,331,000 after purchasing an additional 13,712 shares in the last quarter. Arbiter Partners Capital Management LLC grew its position in shares of Protective Insurance by 30.1% during the second quarter. Arbiter Partners Capital Management LLC now owns 97,037 shares of the company’s stock worth $1,601,000 after purchasing an additional 22,425 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Protective Insurance by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 25,761 shares of the company’s stock worth $438,000 after purchasing an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 3.88% of the company’s stock.

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.

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