ProAssurance (NYSE:PRA) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

Several other equities analysts have also issued reports on PRA. Truist Financial lifted their price target on ProAssurance from $14.00 to $18.00 and gave the company 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 target price on the stock. in a research report on Monday, November 11th.

ProAssurance Stock Down 3.0 %

PRA stock opened at $15.64 on Wednesday. The company has a market cap of $800.08 million, a PE ratio of 18.84 and a beta of 0.27. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. ProAssurance has a 52 week low of $10.76 and a 52 week high of $17.79. The business has a 50-day simple moving average of $15.13 and a 200 day simple moving average of $15.05.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Private Advisor Group LLC raised its position in ProAssurance by 12.8% in the third quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider’s stock valued at $253,000 after purchasing an additional 1,905 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 buying an additional 54,806 shares during the period. FMR LLC raised its holdings in ProAssurance by 197.8% in the 3rd quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock valued at $181,000 after buying an additional 8,012 shares during the last quarter. BNP Paribas Financial Markets boosted its position in 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 period. Finally, Verition Fund Management LLC grew its holdings in 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 acquiring an additional 22,737 shares during 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.