ProAssurance (NYSE:PRA) Sets New 52-Week High – Here’s What Happened
by Sarita Garza · The Markets DailyShares of ProAssurance Corporation (NYSE:PRA – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.71 and last traded at $24.71, with a volume of 508829 shares changing hands. The stock had previously closed at $24.59.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on PRA. Zacks Research raised ProAssurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ProAssurance in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded ProAssurance from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.00.
Read Our Latest Research Report on ProAssurance
ProAssurance Stock Up 0.4%
The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 25.18 and a beta of 0.04. The firm’s 50 day simple moving average is $24.28 and its two-hundred day simple moving average is $24.08.
ProAssurance (NYSE:PRA – Get Free Report) last issued its quarterly earnings results on Monday, February 23rd. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.60. ProAssurance had a return on equity of 6.50% and a net margin of 4.64%.The business had revenue of $269.64 million during the quarter, compared to analysts’ expectations of $261.08 million. During the same period in the previous year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, equities analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current year.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Alpine Associates Management Inc. grew its position in ProAssurance by 73.6% in the 3rd quarter. Alpine Associates Management Inc. now owns 952,547 shares of the insurance provider’s stock valued at $22,852,000 after purchasing an additional 403,807 shares during the period. Wolverine Asset Management LLC grew its holdings in shares of ProAssurance by 158.7% during the third quarter. Wolverine Asset Management LLC now owns 84,790 shares of the insurance provider’s stock valued at $2,034,000 after buying an additional 52,012 shares during the last quarter. Gardner Lewis Asset Management L P bought a new stake in shares of ProAssurance during the third quarter worth about $7,007,000. Olympiad Research LP raised its holdings in shares of ProAssurance by 79.1% in the 2nd quarter. Olympiad Research LP now owns 85,874 shares of the insurance provider’s stock worth $1,961,000 after acquiring an additional 37,936 shares during the last quarter. Finally, Mint Tower Capital Management B.V. raised its holdings in shares of ProAssurance by 1,750.0% in the 2nd quarter. Mint Tower Capital Management B.V. now owns 37,000 shares of the insurance provider’s stock worth $845,000 after acquiring an additional 35,000 shares during the last quarter. 85.58% of the stock is owned by institutional investors.
ProAssurance Company Profile
ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.
In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.