Zacks Investment Management Lowers Stake in ProAssurance Co. (NYSE:PRA)

Zacks Investment Management trimmed its holdings in ProAssurance Co. (NYSE:PRA) by 5.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 324,188 shares of the insurance provider’s stock after selling 17,597 shares during the period. Zacks Investment Management owned 0.63% of ProAssurance worth $5,158,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. State Street Corp grew its stake in shares of ProAssurance by 1.8% in the 3rd quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after purchasing an additional 34,247 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in ProAssurance by 0.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,316,249 shares of the insurance provider’s stock valued at $20,678,000 after buying an additional 4,814 shares during the period. Arrowstreet Capital Limited Partnership raised its position in ProAssurance by 92.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock worth $10,992,000 after buying an additional 331,224 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of ProAssurance by 17.2% in the 4th quarter. American Century Companies Inc. now owns 391,609 shares of the insurance provider’s stock worth $6,230,000 after acquiring an additional 57,556 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of ProAssurance by 28.0% in the fourth quarter. JPMorgan Chase & Co. now owns 323,955 shares of the insurance provider’s stock valued at $5,154,000 after acquiring an additional 70,780 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Price Performance

ProAssurance stock opened at $23.27 on Thursday. The firm has a market capitalization of $1.19 billion, a PE ratio of 28.04 and a beta of -0.09. ProAssurance Co. has a 52 week low of $10.76 and a 52 week high of $23.70. The firm’s 50-day simple moving average is $18.70 and its 200 day simple moving average is $16.72. 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 (NYSE:PRA) last released its quarterly earnings results on Monday, February 24th. The insurance provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.17 by $0.19. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The business had revenue of $287.52 million for the quarter, compared to analyst estimates of $274.56 million. On average, equities research analysts predict that ProAssurance Co. will post 0.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup lowered ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. StockNews.com began coverage on ProAssurance in a report on Thursday. They set a “hold” rating on the stock. Citizens Jmp cut ProAssurance from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 3rd. Finally, Raymond James lowered shares of ProAssurance from a “market perform” rating to an “underperform” rating in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, ProAssurance currently has an average rating of “Hold” and an average price target of $18.67.

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.