Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) today
reported results for the fourth quarter and twelve months of
2019.
- Net income was $3.8 million for the fourth quarter of 2019 and
$7.3 million for full year 2019.
- Book value per share was $25.51, up $1.56 per share or 6.5%
from December 31, 2018.
- Total value creation for 2019 was 8.2% including dividends of
$0.40 per share paid to shareholders.
- The reported combined ratio was 105.8% for the fourth quarter
of 2019 which was an improvement over the 112.2% combined ratio for
the prior year period. The combined ratio improved 5.5% from 110.3%
to 104.8% excluding unfavorable prior period loss development of
$1.0 million in the quarter and $2.2 million in the prior year
quarter.
- Combined ratio was 106.8% for full year 2019. The improving
quarterly combined ratio trend reflects rate actions and
non-renewals of certain risks.
- As a result of actions to improve underwriting profitability,
gross premiums written went from $582.5 million in 2018 to $574.9
million in 2019.
- Net investment income increased to $6.8 million for the fourth
quarter of 2019 and $26.2 million for full year 2019 driven by an
asset allocation shift to fixed income and higher investment
balances.
- Repurchased $11.5 million (677,088 shares) during 2019. These
purchases are immediately accretive to book value per share, given
an average repurchase price of 67% of December 31, 2019 book
value.
Jeremy Johnson, Protective’s Chief Executive
Officer, said: “I’m pleased with the continued and sustainable
progress we’re making towards underwriting profitability. During
2019 we achieved significant rate increases across our commercial
automobile portfolio, non-renewed unprofitable risks and reduced
exposure to certain segments to accelerate loss ratio
improvement. We reduced our exposure to higher limits through
the use of facultative reinsurance and refocused our distribution
strategy on fewer, more valuable relationships. These actions
are partially reflected in the improving reported accident quarter
loss ratios and will more fully impact results in 2020. The
industry continued to report unfavorable commercial automobile loss
development during 2019. While we experienced unfavorable
commercial automobile loss development during the year, the net
loss development impact on our financials was minimal, mitigated by
our unlimited aggregate stop-loss reinsurance treaties and by
favorable loss development in workers’ compensation. We are
well positioned to create additional value for all our stakeholders
in 2020.”
The Company produced fourth quarter net income
of $3.8 million, or $0.26 per share, which compares favorably to a
net loss of $24.6 million, or $1.65 per share, for the prior year’s
fourth quarter. For the full year of 2019, net income totaled
$7.3 million, or $0.50 per share, an improvement to the net loss of
$34.1 million, or $2.28 per share, for the prior year period.
Income from core business operations, before federal income tax
expense, was $0.4 million for the fourth quarter of 2019 compared
to a loss from core business operations, before federal income tax
benefit, of $8.4 million during the fourth quarter of 2018.
For the full year of 2019, the loss from core business operations,
before federal income tax expense, totaled $4.2 million compared to
a loss from core business operations, before federal income tax
benefit, of $15.0 million during the 2018 period.
Gross premiums written for the fourth quarter of
2019 decreased 7.2% to $141.7 million compared to $152.7 million
written during the prior year period. Net premiums earned for
the fourth quarter of 2019 decreased to $111.4 million, down 6.2%
compared to the prior year period. Gross premiums written for
full year 2019 decreased 1.3% to $574.9 million compared to $582.5
million for full year 2018. Net premiums earned for 2019
increased to $447.3 million, up 3.3% compared to the prior year.
For both periods, rate increases and new business policies
sold largely offset declines in premiums associated with lower
retention rates. Underwriting operations produced a
combined ratio of 105.8% during the fourth quarter of 2019; an
improvement when compared to a combined ratio of 112.2% for the
prior year period. The reduction in the combined ratio
reflects actions taken by the Company to improve underwriting
results. Prior period loss development was $1.0 million
unfavorable for the quarter and $2.2 million unfavorable for the
prior year quarter. For full year 2019, the combined ratio
was 106.8%, which compares to a combined ratio of 108.6% for
2018. For full year 2019, prior accident year loss
development was favorable $0.6 million as favorable workers’
compensation development offset unfavorable commercial automobile
development. Similar to the industry, we experienced
unfavorable development in commercial automobile during 2019.
The commercial automobile unfavorable development income statement
impact was partially mitigated by our reinsurance treaties.
Excluding the goodwill impairment charge taken in the fourth
quarter of 2018, the expense ratio is relatively flat for the two
annual periods.
In our commercial automobile portfolio, the
Company attained rate increases of 13.2% (16.3% excluding two year
deals) on $48.7 million of premiums available for renewal during
the fourth quarter of 2019. For full year 2019, the Company
attained rate increases of 12.0% (17.4% excluding two year deals)
on $190.8 million of premiums available for renewal. Due to
rate increase achievement, the policy retention rate was less than
in recent years. We are committed to remain disciplined in
our underwriting and create long-term value for our
stakeholders.
Commercial automobile products covered by our
reinsurance treaties from July 2013 through June 2019 are subject
to an unlimited aggregate stop-loss provision. Currently each
of these treaty years is reserved at, or above, the attachment
level of these treaties. As such, while significant
additional development is not anticipated, the net impact of any
additional development for these years will be limited. For
every $100 of additional loss, the Company is responsible only for
its $25 retention. The following table illustrates the
benefit of these reinsurance treaties based on select theoretical
scenarios. For these theoretical scenarios, the net financial
loss to the Company is approximately 25% of the gross loss.
|
|
|
|
|
5%Increase inUltimateLoss Ratio |
|
10%Increase inUltimateLoss Ratio |
Gross loss expense from further strengthening current reserve
position |
$ |
47.2 |
|
$ |
94.5 |
Net financial loss |
11.8 |
|
23.6 |
$/share (after tax) |
$ |
0.64 |
|
$ |
1.28 |
|
|
|
|
Commercial automobile products covered by the
Company’s reinsurance treaty from July 2019 through June 2020 are
also subject to an unlimited aggregate stop-loss provision.
Once the aggregate stop-loss level is reached, for every $100 of
additional loss, the Company is responsible for its $65
retention. This increase in the Company’s retention compared
to recent years, reflects the combination of 1) a decreased need
for stop loss reinsurance protection resulting from a significant
decrease in the company’s commercial auto subject limits profile,
2) a higher cost for this cover and 3) the Company’s confidence in
profitability improvements given the limits reductions and rate
increases on its commercial automobile products.
Net investment income for the fourth quarter of
2019 increased 12.9% to $6.8 million compared to $6.0 million in
the prior year period. The increase reflects an increase in
average funds invested resulting from positive cash flow, as well
as the continued reallocation from equity investments in limited
partnerships and cash and cash equivalent investments into short
duration, high quality bonds. Our fixed income investment
portfolio continues to emphasize shorter-duration instruments. If
there was a hypothetical increase in interest rates of 100 basis
points, the price of our fixed income portfolio, including cash, at
December 31, 2019 would be expected to fall by approximately
2.6%. Credit quality remains high with a weighted average
rating of AA-, including cash. For the full year of 2019, net
investment income increased 19.1% to $26.2 million, compared to
$22.0 million in 2018, reflecting investment impacts similar to
those experienced during the fourth quarter.
Book value per share as of December 31, 2019 was
$25.51, an increase of $1.56 per share during 2019, after the
payment of cash dividends to shareholders totaling $0.40 per
share.
The Company's net income (loss), determined in
accordance with U.S. generally accepted accounting principles
(GAAP) includes items that may not be indicative of ongoing
operations. The following table reconciles income (loss)
before federal income tax expense (benefit) to underwriting loss, a
non-GAAP financial measure that is a useful tool for investors and
analysts in analyzing ongoing operating trends.
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31 |
|
December 31 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before federal income tax expense (benefit) |
$ |
4,228 |
|
|
$ |
(31,674 |
) |
|
$ |
8,673 |
|
|
$ |
(43,872 |
) |
Less: Net realized gains (losses) on investments |
490 |
|
|
|
(8,391 |
) |
|
1,958 |
|
|
|
(6,651 |
) |
Less: Net unrealized gains (losses) - equity securities and limited
partnerships |
3,358 |
|
|
|
(11,705 |
) |
|
10,931 |
|
|
|
(19,040 |
) |
Less: Goodwill impairment charge included in Other operating
expenses |
- |
|
|
|
(3,152 |
) |
|
- |
|
|
|
(3,152 |
) |
Income
(loss) from core business operations |
$ |
380 |
|
|
$ |
(8,426 |
) |
|
$ |
(4,216 |
) |
|
$ |
(15,029 |
) |
Less: Net investment income |
6,815 |
|
|
6,038 |
|
|
26,249 |
|
|
22,048 |
|
Underwriting loss |
$ |
(6,435 |
) |
|
$ |
(14,464 |
) |
|
$ |
(30,465 |
) |
|
$ |
(37,077 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
The Company uses the term income (loss) from
core business operations, a non-GAAP financial measure, which is
defined as income (loss) before federal income tax expense
(benefit) excluding pre-tax realized and unrealized investment
gains and losses. This financial measure is used to evaluate
the Company’s operating performance. It separates out the
recognition of realized investment gains and losses, and occurrence
of unrealized gains, that are often driven by market changes in
security valuations versus operating decisions.
The combined ratios and the components, as
presented herein, are commonly used in the property/casualty
insurance industry and are applied to the Company’s GAAP
underwriting results.
Conference Call
Information:
Protective Insurance Corporation has scheduled
its quarterly conference call for Wednesday, February 26, 2020, at
11:00 AM EST to discuss results for the fourth quarter ended
December 31, 2019.
To participate via teleconference, investors may
dial 1-877-705-6003 (U.S./Canada) or 1-201-493-6725 (International
or local) at least five minutes prior to the beginning of the
call. A replay of the call will be available through March 4,
2020 by calling 1-844-512-2921 or 1-412-317-6671 and referencing
passcode 13698173. Investors and interested parties may also
listen to the call via a live webcast, accessible on the company’s
web site via a link at the top of the main Investor Relations
page. To participate in the webcast, please register at least
fifteen minutes prior to the start of the call. The webcast
will be archived on this site until August 26, 2020. The
webcast may be accessed directly at:
http://public.viavid.com/index.php?id=137702.
Also available on the investor relations section
of our web site is an investor presentation providing additional
information to be reviewed in conjunction with our earnings
call. We have also made available complete interim financial
statements and copies of our filings with the Securities and
Exchange Commission.
The accompanying unaudited condensed financial
statements have been prepared in accordance with the instructions
to Form 10-K but do not include all of the information and
footnotes as disclosed in the Company’s annual audited financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for
fair presentation have been included.
Forward-looking statements in this report are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve inherent
risks and uncertainties. Readers are encouraged to review the
Company's annual report for its full statement regarding
forward-looking information.
|
|
|
|
Protective
Insurance Corporation and Subsidiaries |
|
|
|
Unaudited
Condensed Consolidated Balance Sheets |
|
|
|
(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
December 31 |
|
December 31 |
|
2019 |
|
2018 |
Assets |
|
|
|
|
Investments 1: |
|
|
|
|
Fixed income securities (2019: $783,047; 2018: $600,504) |
$ |
795,538 |
|
$ |
592,645 |
|
Equity securities |
76,812 |
|
66,422 |
|
Limited partnerships, at equity |
23,292 |
|
55,044 |
|
Commercial mortgage loans |
11,782 |
|
6,672 |
|
Short-term 2 |
1,000 |
|
1,000 |
|
|
908,424 |
|
721,783 |
|
Cash
and cash equivalents |
67,851 |
|
163,996 |
|
Restricted cash and cash equivalents |
21,037 |
|
6,815 |
|
Accounts receivable |
111,762 |
|
102,972 |
|
Reinsurance recoverable |
432,067 |
|
392,436 |
|
Other
assets |
86,306 |
|
88,426 |
|
Current
federal income taxes |
4,878 |
|
7,441 |
|
Deferred federal income
taxes |
2,035 |
|
6,262 |
|
|
$ |
1,634,360 |
|
$ |
1,490,131 |
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
Reserves for losses and loss expenses |
$ |
988,305 |
|
$ |
865,339 |
|
Reserves for unearned premiums |
74,810 |
|
71,625 |
|
Borrowings under line of credit |
20,000 |
|
20,000 |
|
Accounts payable and other
liabilities |
186,929 |
|
177,085 |
|
|
1,270,044 |
|
1,134,049 |
|
Shareholders' equity: |
|
|
|
|
Common stock-no par value |
610 |
|
634 |
|
Additional paid-in capital |
53,349 |
|
54,720 |
|
Accumulated other comprehensive income (loss) |
9,369 |
|
(7,347 |
) |
Retained earnings |
300,988 |
|
308,075 |
|
|
364,316 |
|
356,082 |
|
|
$ |
1,634,360 |
|
$ |
1,490,131 |
|
|
|
|
|
|
Number
of common and common equivalent shares outstanding |
14,279 |
|
14,869 |
|
Book value per outstanding
share |
$ |
25.51 |
|
$ |
23.95 |
|
|
|
|
|
|
1 2019 & 2018
cost in parentheses |
2 Approximates
cost |
|
Protective Insurance Corporation and
Subsidiaries |
Unaudited Condensed Consolidated
Statements of Operations |
(in thousands, except per share data) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31 |
|
December 31 |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
$ |
111,357 |
|
|
$ |
118,671 |
|
|
$ |
447,288 |
|
|
$ |
432,880 |
|
Net investment income |
|
6,815 |
|
|
6,038 |
|
|
26,249 |
|
|
22,048 |
|
Commissions and other
income |
|
2,410 |
|
|
2,443 |
|
|
9,171 |
|
|
9,932 |
|
Net realized gains (losses) on investments, excluding impairment
losses |
|
583 |
|
|
(8,372 |
) |
|
2,455 |
|
|
(6,632 |
) |
Other-than-temporary impairment losses on investments |
|
(93 |
) |
|
(19 |
) |
|
(497 |
) |
|
(19 |
) |
Net unrealized gains (losses) on equity securities and limited
partnership investments |
|
3,358 |
|
|
(11,705 |
) |
|
10,931 |
|
|
(19,040 |
) |
Net realized and unrealized
gains (losses) on investments |
|
3,848 |
|
|
(20,096 |
) |
|
12,889 |
|
|
(25,691 |
) |
|
|
124,430 |
|
|
107,056 |
|
|
495,597 |
|
|
439,169 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Losses
and loss expenses incurred |
|
86,132 |
|
|
101,537 |
|
|
348,468 |
|
|
345,864 |
|
Other operating expenses |
|
34,070 |
|
|
37,193 |
|
|
138,456 |
|
|
137,177 |
|
|
|
120,202 |
|
|
138,730 |
|
|
486,924 |
|
|
483,041 |
|
Income (loss) before federal income tax expense
(benefit) |
|
4,228 |
|
|
(31,674 |
) |
|
8,673 |
|
|
(43,872 |
) |
Federal income tax expense
(benefit) |
|
457 |
|
|
(7,107 |
) |
|
1,326 |
|
|
(9,797 |
) |
Net income (loss) |
|
$ |
3,771 |
|
|
$ |
(24,567 |
) |
|
$ |
7,347 |
|
|
$ |
(34,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data -
diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before net gains (losses) on investments |
|
$ |
.05 |
|
|
$ |
(.58 |
) |
|
$ |
(.19 |
) |
|
$ |
(.92 |
) |
Net gains (losses) on
investments |
|
|
.21 |
|
|
|
(1.07 |
) |
|
|
.69 |
|
|
|
(1.36 |
) |
Net income (loss) |
|
$ |
.26 |
|
|
$ |
(1.65 |
) |
|
$ |
.50 |
|
|
$ |
(2.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic |
|
14,266 |
|
|
14,867 |
|
|
14,521 |
|
|
14,965 |
|
Dilutive effect of share equivalents |
|
69 |
|
|
- |
|
|
99 |
|
|
- |
|
Average shares outstanding -
diluted |
|
14,335 |
|
|
14,867 |
|
|
14,620 |
|
|
14,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protective Insurance Corporation and
Subsidiaries |
|
|
|
|
|
|
Unaudited Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
December 31 |
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
86,680 |
|
|
$ |
100,708 |
|
Investing
activities: |
|
|
|
|
|
|
Purchases of available-for-sale investments |
|
(423,544 |
) |
|
(415,326 |
) |
Purchases of limited partnership interests |
|
- |
|
|
(450 |
) |
Proceeds from sales or maturities of available-for-sale
investments |
|
223,697 |
|
|
305,464 |
|
Proceeds from sales of equity securities |
|
21,621 |
|
|
149,195 |
|
Purchase of insurance company-owned life insurance |
|
- |
|
|
(10,000 |
) |
Purchase of commercial mortgage loans |
|
(7,082 |
) |
|
(6,672 |
) |
Proceeds from commercial mortgage loans |
|
1,972 |
|
|
- |
|
Distributions from limited partnerships |
|
33,396 |
|
|
6,869 |
|
Other investing activities |
|
(1,950 |
) |
|
(5,429 |
) |
Net cash provided by (used in) investing activities |
|
(151,890 |
) |
|
23,651 |
|
Financing
activities: |
|
|
|
|
|
|
Dividends paid to shareholders |
|
(5,857 |
) |
|
(16,835 |
) |
Repurchase of common shares |
|
(11,501 |
) |
|
(4,596 |
) |
Net cash used in financing activities |
|
(17,358 |
) |
|
(21,431 |
) |
|
|
|
|
|
|
|
Effect of foreign exchange rates on cash and cash equivalents |
|
645 |
|
|
(830 |
) |
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash
and cash equivalents |
|
(81,923 |
) |
|
102,098 |
|
Cash, cash equivalents and
restricted cash and cash equivalents at beginning of period |
|
170,811 |
|
|
68,713 |
|
Cash, cash equivalents and
restricted cash and cash equivalents at end of period |
|
$ |
88,888 |
|
|
$ |
170,811 |
|
|
|
|
|
|
|
|
Financial Highlights (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Protective Insurance
Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per
share data) |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31 |
|
December 31 |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized |
|
|
|
|
|
|
|
|
|
|
|
Book value per share beginning of period |
|
$ |
25.33 |
|
$ |
25.96 |
|
|
$ |
23.95 |
|
|
$ |
27.83 |
|
Book value per share end of
period |
|
25.51 |
|
23.95 |
|
|
25.51 |
|
|
23.95 |
|
Change in book value per share |
|
$ |
0.18 |
|
$ |
(2.01 |
) |
|
$ |
1.56 |
|
|
$ |
(3.88 |
) |
Dividends paid |
|
0.10 |
|
0.28 |
|
|
0.40 |
|
|
1.12 |
|
Change in book value per share plus dividends paid |
|
$ |
0.28 |
|
$ |
(1.73 |
) |
|
$ |
1.96 |
|
|
$ |
(2.76 |
) |
Total value creation 1 |
|
4.4% |
|
(26.7% |
) |
|
8.2% |
|
|
(9.9% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
|
363,873 |
|
372,064 |
|
|
360,199 |
|
|
387,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
3,771 |
|
(24,567 |
) |
|
7,347 |
|
|
(34,075 |
) |
Less: Net realized and unrealized gains (losses) on investments,
net of tax |
|
3,040 |
|
(15,876 |
) |
|
10,182 |
|
|
(20,296 |
) |
Less: Goodwill impairment charge, net of tax |
|
- |
|
(2,490 |
) |
|
- |
|
|
(2,490 |
) |
Net operating income (loss) |
|
731 |
|
(6,201 |
) |
|
(2,835 |
) |
|
(11,289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Return on net income 2 |
|
4.1% |
|
(26.4% |
) |
|
2.0% |
|
|
(8.8% |
) |
Return on net operating income (loss) 2 |
|
0.8% |
|
(6.7% |
) |
|
(0.8% |
) |
|
(2.9% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
and LAE expenses incurred |
|
$ |
86,132 |
|
$ |
101,537 |
|
|
$ |
348,468 |
|
|
$ |
345,864 |
|
Net premiums earned |
|
111,357 |
|
118,671 |
|
|
447,288 |
|
|
432,880 |
|
Loss and LAE ratio |
|
77.3% |
|
85.6% |
|
|
77.9% |
|
|
79.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating expenses, excluding goodwill impairment charge |
|
$ |
34,070 |
|
$ |
34,041 |
|
|
$ |
138,456 |
|
|
$ |
134,025 |
|
Less: Commissions and other
income |
|
2,410 |
|
2,443 |
|
|
9,171 |
|
|
9,932 |
|
Other operating expenses, excluding goodwill impairment charge,
less commissions and other income |
|
$ |
31,660 |
|
$ |
31,598 |
|
|
$ |
129,285 |
|
|
$ |
124,093 |
|
Net premiums earned |
|
111,357 |
|
118,671 |
|
|
447,288 |
|
|
432,880 |
|
Expense ratio |
|
28.5% |
|
26.6% |
|
|
28.9% |
|
|
28.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio 3 |
|
105.8% |
|
112.2% |
|
|
106.8% |
|
|
108.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
premiums written |
|
$ |
141,727 |
|
$ |
152,709 |
|
|
$ |
574,918 |
|
|
$ |
582,500 |
|
Net premiums written |
|
111,934 |
|
119,696 |
|
|
452,242 |
|
|
444,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Total Value
Creation equals change in book value plus dividends paid, divided
by beginning book value. Quarterly amounts have been
annualized. |
2 Quarterly
amounts have been annualized |
3 The combined
ratio is calculated as ratio of losses and loss expenses incurred,
plus other operating expenses, less commission and other income to
net premiums earned. |
|
Investor Contact: John
Barnettinvestors@protectiveinsurance.com(317) 429-2554
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