Alpine Associates Management Inc. Buys Shares of 221,300 ProAssurance Corporation (NYSE:PRA)

Alpine Associates Management Inc. purchased a new position in ProAssurance Corporation (NYSE:PRA) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 221,300 shares of the insurance provider’s stock, valued at approximately $5,167,000.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in ProAssurance by 4.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider’s stock worth $43,019,000 after purchasing an additional 123,232 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of ProAssurance by 92.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock worth $10,992,000 after buying an additional 331,224 shares during the last quarter. Janus Henderson Group PLC grew its holdings in ProAssurance by 2,655.2% during the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider’s stock valued at $10,268,000 after purchasing an additional 621,935 shares during the last quarter. Northern Trust Corp boosted its position in ProAssurance by 3.1% in the 4th quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider’s stock valued at $8,905,000 after buying an additional 16,983 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of ProAssurance by 17.2% in the 4th quarter. American Century Companies Inc. now owns 391,609 shares of the insurance provider’s stock worth $6,230,000 after purchasing an additional 57,556 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

ProAssurance Price Performance

PRA stock opened at $23.80 on Thursday. The company has a fifty day moving average price of $23.32 and a 200 day moving average price of $20.54. ProAssurance Corporation has a 12 month low of $11.27 and a 12 month high of $23.95. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 29.02 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business had revenue of $236.28 million during the quarter, compared to analyst estimates of $272.85 million. During the same period in the previous year, the company posted $0.08 earnings per share. ProAssurance’s revenue was down 4.5% on a year-over-year basis. Sell-side analysts expect that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRA. Citigroup lowered shares of ProAssurance to a “market perform” rating in a research note on Thursday, April 3rd. Citizens Jmp lowered shares of ProAssurance from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 3rd. Piper Sandler increased their price target on shares of ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Wall Street Zen assumed coverage on shares of ProAssurance in a report on Monday, May 19th. They set a “hold” rating on the stock. Finally, Raymond James Financial downgraded shares of ProAssurance from a “market perform” rating to an “underperform” rating in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $21.50.

ProAssurance Profile

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.