ProAssurance (NYSE:PRA) Cut to Hold at StockNews.com

StockNews.com lowered shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a report published on Wednesday morning.

Several other brokerages have also issued reports on PRA. Truist Financial lifted their price target on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Piper Sandler cut ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a report on Monday, November 11th.

ProAssurance Trading Up 1.3 %

Shares of PRA opened at $15.65 on Wednesday. ProAssurance has a 1-year low of $10.76 and a 1-year high of $17.79. The company has a market capitalization of $800.44 million, a P/E ratio of 18.85 and a beta of 0.27. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28. The firm’s 50 day simple moving average is $15.12 and its 200 day simple moving average is $15.07.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Monday, February 24th. The insurance provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.19. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The firm had revenue of $287.52 million for the quarter, compared to analysts’ expectations of $274.56 million. Sell-side analysts forecast that ProAssurance will post 0.8 earnings per share for the current fiscal year.

Institutional Trading of ProAssurance

Hedge funds have recently added to or reduced their stakes in the business. Mariner LLC grew its stake in shares of ProAssurance by 4.2% during the fourth quarter. Mariner LLC now owns 17,007 shares of the insurance provider’s stock valued at $271,000 after buying an additional 688 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ProAssurance by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,991 shares of the insurance provider’s stock valued at $461,000 after acquiring an additional 1,127 shares during the period. Rhumbline Advisers grew its position in ProAssurance by 0.8% during the 4th quarter. Rhumbline Advisers now owns 160,707 shares of the insurance provider’s stock worth $2,557,000 after acquiring an additional 1,281 shares during the last quarter. Sterling Capital Management LLC increased its stake in ProAssurance by 859.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 1,461 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in ProAssurance by 0.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after purchasing an additional 1,738 shares during the last quarter. 85.58% of the stock is owned by institutional investors.

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.