ProAssurance (NYSE:PRA) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of ProAssurance (NYSE:PRA) in a report issued on Monday morning. The brokerage issued a hold rating on the insurance provider’s stock.

Several other brokerages have also recently issued reports on PRA. Raymond James cut ProAssurance from a “market perform” rating to an “underperform” rating in a research note on Thursday, April 10th. Citizens Jmp cut ProAssurance from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 3rd. Piper Sandler raised their target price on ProAssurance from $18.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Finally, Citigroup cut ProAssurance to a “market perform” rating in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $21.00.

ProAssurance Stock Performance

Shares of PRA opened at $23.27 on Monday. The business’s fifty day moving average price is $22.39 and its 200 day moving average price is $18.03. ProAssurance has a 12-month low of $10.76 and a 12-month high of $23.70. The stock has a market capitalization of $1.19 billion, a PE ratio of 28.04 and a beta of 0.04. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.06). ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. The firm had revenue of $236.28 million for the quarter, compared to the consensus estimate of $272.85 million. During the same quarter last year, the business earned $0.08 earnings per share. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. Equities research analysts forecast that ProAssurance will post 0.8 EPS for the current year.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in shares of ProAssurance by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider’s stock valued at $43,019,000 after purchasing an additional 123,232 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of ProAssurance during the first quarter valued at about $54,121,000. Alliancebernstein L.P. raised its stake in shares of ProAssurance by 2,035.6% during the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider’s stock valued at $35,410,000 after purchasing an additional 1,445,469 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of ProAssurance by 0.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,316,249 shares of the insurance provider’s stock valued at $20,678,000 after purchasing an additional 4,814 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of ProAssurance by 92.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock valued at $10,992,000 after purchasing an additional 331,224 shares in the last quarter. 85.58% of the stock is currently 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.