Feel it is dropping to 13 or so.
They even have commercial mortgage. Not good.
Sold everything at big loss this morning.

Although Protective Life missed the consensus
EPS estimate by 21 cents – it reported 55 cents
versus the consensus of 76 cents – we estimate
that on a normalized basis the EPS was 49 cents,
culminating into an even bigger miss than what
appears. Our take on the quarter is that while
Protective did achieve progress on some fronts,
the overall picture that emerged was of a company
still finding it difficult to grow organically.
Protective's Life Marketing division, PL's flagship
business, continues to be challenged by the weak
economy – its gross premiums for the September
quarter were essentially flat when compared to
those of the September quarter in the year before.
Assets under management in another important
business for Protective, Stable Value Products,
continue to drop. Pre-tax operating earnings
across many of the company's businesses, while
holding up, are not showing an extended pattern
of expansion. A big positive for PL, however, has
been the strong performance from its Annuities
division, mainly because of the strong showing in
net investment income. We affirm our 2-Equal
Weight rating on Protective given what we would
consider on balance to be a very mixed picture.

Another area of what we could consider modest concern is the delinquency data on PL’s commercial mortgages. The 60-
days-past delinquencies for the September quarter was $14.3 million, a 83% increase over last year’s September quarter and
a 258% increase over the June quarter's figure. While the $14.3 million number is very small in light of PL’s $4 billion of
mortgage portfolio, the sharp increase percentage wide both year over year and sequentially bears watching.