ProAssurance (NYSE:PRA) Shares Gap Down to $12.81

ProAssurance Co. (NYSE:PRAGet Free Report)’s share price gapped down prior to trading on Friday . The stock had previously closed at $12.81, but opened at $12.33. ProAssurance shares last traded at $12.75, with a volume of 123,220 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PRA shares. Piper Sandler reduced their price objective on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Monday, March 4th. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of ProAssurance in a research note on Monday, April 15th. Finally, Truist Financial lifted their price target on ProAssurance from $14.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.67.

View Our Latest Report on PRA

ProAssurance Trading Down 0.6 %

The company has a 50 day moving average of $13.82 and a 200-day moving average of $13.31. The stock has a market cap of $649.36 million, a price-to-earnings ratio of -23.72 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26.

ProAssurance (NYSE:PRAGet Free Report) last posted its quarterly earnings results on Monday, May 6th. The insurance provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $284.97 million during the quarter, compared to the consensus estimate of $233.62 million. ProAssurance had a negative net margin of 2.42% and a positive return on equity of 0.59%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. On average, research analysts anticipate that ProAssurance Co. will post 0.38 earnings per share for the current year.

Institutional Investors Weigh In On ProAssurance

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in ProAssurance by 23.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock valued at $61,000 after purchasing an additional 842 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of ProAssurance by 4.2% in the third quarter. Quadrature Capital Ltd now owns 22,982 shares of the insurance provider’s stock valued at $435,000 after buying an additional 924 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of ProAssurance by 5.6% during the fourth quarter. New York State Common Retirement Fund now owns 23,600 shares of the insurance provider’s stock worth $325,000 after buying an additional 1,261 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of ProAssurance by 3.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 44,323 shares of the insurance provider’s stock worth $570,000 after buying an additional 1,619 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of ProAssurance by 2.0% during the third quarter. Swiss National Bank now owns 118,700 shares of the insurance provider’s stock worth $2,242,000 after buying an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Company Profile

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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.

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