StockNews.com Upgrades ProAssurance (NYSE:PRA) to “Buy”

by · The Cerbat Gem

ProAssurance (NYSE:PRA – Get Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Other analysts also recently issued research reports about the stock. JMP Securities reduced their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 17th. Piper Sandler downgraded shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a report on Monday. Finally, Truist Financial cut their price objective on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.33.

View Our Latest Stock Analysis on PRA

ProAssurance Trading Up 1.9 %

Shares of NYSE:PRA traded up $0.32 during mid-day trading on Monday, hitting $17.31. The company had a trading volume of 436,343 shares, compared to its average volume of 283,145. The firm has a fifty day moving average price of $14.52 and a 200 day moving average price of $13.58. The company has a market capitalization of $885.51 million, a PE ratio of 20.86 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26. ProAssurance has a one year low of $10.76 and a one year high of $17.79.

ProAssurance (NYSE:PRA – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.15. ProAssurance had a net margin of 3.71% and a return on equity of 2.72%. The business had revenue of $290.30 million during the quarter, compared to the consensus estimate of $235.61 million. During the same quarter last year, the firm posted $0.16 EPS. ProAssurance’s revenue was down .5% compared to the same quarter last year. As a group, research analysts forecast that ProAssurance will post 0.58 EPS for the current year.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds have recently made changes to their positions in PRA. BNP Paribas Financial Markets raised its stake in ProAssurance by 14.5% in the 1st quarter. BNP Paribas Financial Markets now owns 38,649 shares of the insurance provider’s stock valued at $497,000 after acquiring an additional 4,885 shares during the period. ProShare Advisors LLC bought a new stake in shares of ProAssurance during the first quarter valued at about $132,000. State Board of Administration of Florida Retirement System increased its position in shares of ProAssurance by 62.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 25,094 shares of the insurance provider’s stock valued at $323,000 after buying an additional 9,670 shares during the period. CANADA LIFE ASSURANCE Co increased its position in shares of ProAssurance by 12.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 46,875 shares of the insurance provider’s stock valued at $603,000 after buying an additional 5,008 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position 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 valued at $570,000 after buying an additional 1,619 shares during the period. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Company Profile

(Get Free Report)

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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