ProAssurance (NYSE:PRA) Shares Gap Up After Strong Earnings

Shares of ProAssurance Co. (NYSE:PRA) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $14.11, but opened at $15.12. ProAssurance shares last traded at $15.66, with a volume of 51,076 shares trading hands.

The insurance provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.17 by $0.19. The firm had revenue of $287.52 million for the quarter, compared to analysts’ expectations of $274.56 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%.

Wall Street Analysts Forecast Growth

PRA has been the topic of several recent analyst reports. Truist Financial boosted their price target on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. StockNews.com downgraded shares of ProAssurance from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Piper Sandler cut shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target for the company. in a research note on Monday, November 11th.

Institutional Trading of ProAssurance

A number of hedge funds have recently made changes to their positions in PRA. Private Advisor Group LLC raised its stake in ProAssurance by 12.8% in the 3rd quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider’s stock valued at $253,000 after acquiring an additional 1,905 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of ProAssurance by 402.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock valued at $1,029,000 after purchasing an additional 54,806 shares during the last quarter. FMR LLC raised its position in shares of ProAssurance by 197.8% in the third quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock valued at $181,000 after purchasing an additional 8,012 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of ProAssurance by 30.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 17,978 shares of the insurance provider’s stock worth $270,000 after buying an additional 4,149 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in shares of ProAssurance by 164.1% during the 3rd quarter. Verition Fund Management LLC now owns 36,589 shares of the insurance provider’s stock worth $550,000 after buying an additional 22,737 shares during the period. 85.58% of the stock is owned by institutional investors and hedge funds.

ProAssurance Stock Performance

The firm has a market cap of $800.08 million, a price-to-earnings ratio of 18.84 and a beta of 0.27. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $15.13 and its 200 day moving average is $15.05.

ProAssurance Company 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.