This week, I'm seeking a second stalwart dividend financial services sector representative for my new Ivy portfolio. 

Financial Services includes twenty industries ranging from Asset Management to 8 kinds of Banks, Credit, Exchanges, 6 kinds of Insurance, Savings, and all such financial concerns.

Today I'm reviewing a small-cap insurance - property and casualty company, Protective Insurance Corporation. Its trading ticker symbol is PTVCA.

Protective Insurance Corporation is engaged in marketing and underwriting property and casualty insurance and also acts as a reinsurer for limited risk. It also provides private passenger automobile products and workers' compensation.

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. 

It also provides various additional services, such as risk surveys and analyses, safety program design and monitoring, government compliance assistance, loss control, and cost studies; research, development, and consultation in connection with new insurance programs that comprise development of systems to assist customers in monitoring accident data; and claims handling services to clients with self-insurance programs. 

It serves trucking and public transportation fleets, as well as independent contractors in the trucking industry. The company primarily operates in the United States, Canada, Bermuda, and Puerto Rico. 

The company was formerly known as Baldwin & Lyons, Inc. and changed the name to Protective Insurance Corporation in August, 2018.

Protective Insurance Corporation was founded in 1930 and is headquartered in Carmel, Indiana.

I use three key data points to gauge the value of any dividend equity or fund like Protective Insurance Corporation (PTVCA): 

(1) Price

(2) Dividends

(3) Returns

Besides those three, four more keys will finally unlock equity or fund in which to invest.

But those first three primary keys, best tell whether a company has made, is making, and will make money. 

PTVCA Price

Protective's price per share was $18.50 at yesterday's market close. A year ago its price was $23.20 for a price drop of $4.70 per share for the year or a 20% downside. 

Assuming Protective's stock will trade in the range of $12 to $24 next year,  Protective's recent $18.50 price could recover by $1.50 and grow to $20.00 by mid-December, 2019. 

PTVCA Dividends

Protective's most recent monthly dividend was $0.28 declared November 6th and paid out, December 4th. 

That $0.28 quarterly stipend equates to an annual amount of $1.12 yielding 6.05% at  Yesterday's closing $18.50 price.

Gains For TFSL?

Adding the $1.12 annual estimated dividend to my estimated $1.50 annual price upside estimate for Protective Insurance Corporation (PTVCA) totals up to a $2.62 potential gross annual per share gain, which will be reduced by costs to trade the shares.  

For a little under $1,000.00 invested today at the $18.50 recent price, we would buy 54 PTVCA shares. 

A $10 broker fee paid half at purchase and half at sale costs us $0.19 per share. Subtract that $0.19 brokerage cost from the estimated $2.62 gross annual gain leaves a net gain of $2.42 X 54 shares = $130.68 for a 13% net gain on a $999.00 investment.

Therefore, Protective Insurance Corporation, whose trading ticker symbol is PTVCA, now shows a possible 13% net gain including a 6.05% dividend yield. 

No brokers cover this stock:

Nobody to disagree with my estimates.

Therefore, you can look at Protective Insurance Corporation (PTVCA) and see it has made money, is making money, but could rise to net a 13% net annual gain including that respectable 6.05% estimated dividend yield. It could be more, it could be less. 

The above speculation is based on past year performance. The actual results remain to be seen to determine if Protective Insurance Corporation (PTVCA) is worth your time and money.