ProAssurance (NYSE:PRA) Trading Up 3.5% – What’s Next?

ProAssurance Co. (NYSE:PRA)’s share price rose 3.5% on Monday . The company traded as high as $16.29 and last traded at $16.19. Approximately 131,850 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 196,510 shares. The stock had previously closed at $15.64.

Analysts Set New Price Targets

PRA has been the topic of several research analyst reports. Piper Sandler downgraded ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research note on Monday, November 11th. Truist Financial boosted their price target on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Finally, StockNews.com downgraded shares of ProAssurance from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th.

ProAssurance Stock Performance

The firm has a 50-day moving average of $15.12 and a 200-day moving average of $15.10. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $820.97 million, a price-to-earnings ratio of 19.33 and a beta of 0.27.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Monday, February 24th. The insurance provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.19. The firm had revenue of $287.52 million during the quarter, compared to analysts’ expectations of $274.56 million. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. As a group, sell-side analysts predict that ProAssurance Co. will post 0.8 earnings per share for the current year.

Institutional Trading of ProAssurance

Several large investors have recently made changes to their positions in the business. Barclays PLC raised its holdings in shares of ProAssurance by 307.5% during the third quarter. Barclays PLC now owns 85,117 shares of the insurance provider’s stock worth $1,280,000 after purchasing an additional 64,228 shares during the last quarter. State Street Corp raised its stake in shares of ProAssurance by 1.8% during the 3rd quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after buying an additional 34,247 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of ProAssurance by 34.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,175 shares of the insurance provider’s stock valued at $3,808,000 after buying an additional 65,325 shares during the period. FMR LLC boosted its stake in shares of ProAssurance by 197.8% in the third quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock worth $181,000 after buying an additional 8,012 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted 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 worth $1,029,000 after buying an additional 54,806 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other 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.