ProAssurance Co. (NYSE:PRA – Get Free Report) shares were down 4.5% during mid-day trading on Monday after Truist Financial lowered their price target on the stock from $16.00 to $14.00. Truist Financial currently has a hold rating on the stock. ProAssurance traded as low as $12.68 and last traded at $12.81. Approximately 76,049 shares changed hands during trading, a decline of 74% from the average daily volume of 290,281 shares. The stock had previously closed at $13.42.
Separately, JMP Securities dropped their price objective on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a report on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, ProAssurance presently has an average rating of “Moderate Buy” and a consensus target price of $16.33.
Hedge Funds Weigh In On ProAssurance
Several institutional investors and hedge funds have recently made changes to their positions in the business. CenterBook Partners LP boosted its position in ProAssurance by 455.7% during the fourth quarter. CenterBook Partners LP now owns 80,021 shares of the insurance provider’s stock valued at $1,103,000 after buying an additional 65,621 shares during the period. New York State Common Retirement Fund boosted its holdings in ProAssurance by 5.6% during the 4th quarter. New York State Common Retirement Fund now owns 23,600 shares of the insurance provider’s stock valued at $325,000 after acquiring an additional 1,261 shares during the period. Dimensional Fund Advisors LP grew its position in ProAssurance by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,938 shares of the insurance provider’s stock worth $39,150,000 after acquiring an additional 168,634 shares during the last quarter. ProShare Advisors LLC purchased a new position in ProAssurance in the 1st quarter worth approximately $132,000. Finally, BNP Paribas Financial Markets lifted its position in ProAssurance by 14.5% in the first quarter. BNP Paribas Financial Markets now owns 38,649 shares of the insurance provider’s stock valued at $497,000 after purchasing an additional 4,885 shares during the last quarter. Institutional investors own 85.58% of the company’s stock.
ProAssurance Stock Down 5.4 %
The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.38. The stock has a market cap of $647.34 million, a P/E ratio of -23.76 and a beta of 0.23. The company has a 50-day simple moving average of $12.27 and a two-hundred day simple moving average of $12.96.
ProAssurance (NYSE:PRA – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. The company had revenue of $290.30 million during the quarter, compared to analyst estimates of $235.61 million. ProAssurance had a negative net margin of 2.42% and a positive return on equity of 0.59%. The firm’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.16 EPS. On average, equities analysts forecast that ProAssurance Co. will post 0.38 EPS for the current year.
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.