ProAssurance Co. (NYSE:PRA) Short Interest Update

ProAssurance Co. (NYSE:PRA) was the recipient of a large decline in short interest in November. As of November 15th, there was short interest totalling 680,600 shares, a decline of 28.0% from the October 31st total of 945,100 shares. Currently, 1.4% of the company’s stock are short sold. Based on an average trading volume of 260,200 shares, the short-interest ratio is presently 2.6 days.

Analysts Set New Price Targets

PRA has been the subject of a number of analyst reports. Truist Financial upped their price objective on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Piper Sandler cut shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Monday, November 11th. Finally, StockNews.com cut shares of ProAssurance from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.67.

ProAssurance Stock Down 0.1 %

ProAssurance stock traded down $0.01 during midday trading on Friday, reaching $16.72. The company’s stock had a trading volume of 130,985 shares, compared to its average volume of 258,265. ProAssurance has a 52-week low of $10.76 and a 52-week high of $17.79. The stock has a market capitalization of $855.40 million, a P/E ratio of 20.14 and a beta of 0.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28. The stock’s 50-day simple moving average is $15.58 and its 200-day simple moving average is $13.86.

Hedge Funds Weigh In On ProAssurance

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C increased its stake in ProAssurance by 199.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 53,560 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of ProAssurance by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock valued at $19,724,000 after buying an additional 18,718 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of ProAssurance by 2.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock valued at $3,100,000 after acquiring an additional 6,062 shares during the period. Public Sector Pension Investment Board raised its stake in ProAssurance by 6.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider’s stock worth $1,371,000 after acquiring an additional 6,437 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in ProAssurance by 25.7% in the 2nd quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider’s stock worth $2,980,000 after acquiring an additional 49,851 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

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.