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

Shares of ProAssurance Co. (NYSE:PRA) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 earnings per share for the quarter, beating 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%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Piper Sandler lowered shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Monday, November 11th. StockNews.com raised ProAssurance from a “hold” rating to a “buy” rating in a report on Thursday, December 26th. Finally, Truist Financial upped their price target on shares of ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its holdings in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 1,461 shares during the last quarter. KBC Group NV grew its holdings in shares of ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock worth $67,000 after purchasing an additional 1,798 shares during the last quarter. Aquatic Capital Management LLC boosted its position in ProAssurance by 148.6% in the 4th quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after buying an additional 3,714 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of ProAssurance by 94.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock valued at $126,000 after acquiring an additional 4,052 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of ProAssurance in the fourth quarter valued at approximately $150,000. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Price Performance

The company has a market capitalization of $802.07 million, a PE ratio of 18.88 and a beta of 0.27. The firm has a fifty day simple moving average of $15.14 and a 200 day simple moving average of $15.03. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28.

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.