ProAssurance (NYSE:PRA) Shares Gap Up Following Earnings Beat

ProAssurance Co. (NYSE:PRA)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $13.82, but opened at $14.90. ProAssurance shares last traded at $15.60, with a volume of 34,006 shares changing hands.

The insurance provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The company had revenue of $284.97 million for the quarter, compared to analysts’ expectations of $233.62 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period last year, the firm earned ($0.15) earnings per share.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PRA shares. JMP Securities reiterated a “market outperform” rating and set a $22.00 target price on shares of ProAssurance in a research report on Monday, April 15th. Truist Financial upped their price objective on shares of ProAssurance from $14.00 to $16.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Piper Sandler decreased their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.67.

Institutional Trading of ProAssurance

Several institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC bought a new position in shares of ProAssurance in the first quarter worth about $132,000. Aull & Monroe Investment Management Corp acquired a new position in ProAssurance during the 1st quarter worth approximately $178,000. BNP Paribas Financial Markets lifted its stake in ProAssurance by 14.5% in the 1st quarter. BNP Paribas Financial Markets now owns 38,649 shares of the insurance provider’s stock valued at $497,000 after purchasing an additional 4,885 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in ProAssurance by 43.3% in the first quarter. Assenagon Asset Management S.A. now owns 247,587 shares of the insurance provider’s stock valued at $3,184,000 after buying an additional 74,755 shares in the last quarter. Finally, CenterBook Partners LP grew its stake in shares of ProAssurance by 455.7% during the fourth quarter. CenterBook Partners LP now owns 80,021 shares of the insurance provider’s stock worth $1,103,000 after buying an additional 65,621 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Stock Down 2.9 %

The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27. The company has a market capitalization of $750.26 million, a price-to-earnings ratio of -19.89 and a beta of 0.21. The firm’s fifty day moving average price is $12.94 and its 200-day moving average price is $13.52.

About ProAssurance

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.