ProAssurance Co. (NYSE:PRA) Stock Holdings Increased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its holdings in ProAssurance Co. (NYSE:PRA) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,106 shares of the insurance provider’s stock after purchasing an additional 1,521 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ProAssurance were worth $258,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of ProAssurance by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock worth $5,098,000 after purchasing an additional 8,549 shares in the last quarter. American Century Companies Inc. increased its position in shares of ProAssurance by 4.7% in the second quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock worth $3,736,000 after acquiring an additional 13,650 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of ProAssurance by 2.4% in the second quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock worth $3,100,000 after acquiring an additional 6,062 shares in the last quarter. AQR Capital Management LLC increased its position in shares of ProAssurance by 25.7% in the second 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 in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of ProAssurance by 567.5% in the second quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider’s stock worth $1,851,000 after acquiring an additional 128,747 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRA has been the topic of several analyst reports. JMP Securities dropped their target price on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a research report on Wednesday, July 17th. Truist Financial dropped their target price on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, August 12th.

ProAssurance Stock Performance

Shares of PRA opened at $15.87 on Friday. The company’s 50 day moving average price is $13.95 and its 200 day moving average price is $13.34. ProAssurance Co. has a 52 week low of $10.76 and a 52 week high of $18.62. The company has a market capitalization of $809.56 million, a PE ratio of -29.39 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Thursday, August 8th. The insurance provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. The firm had revenue of $290.30 million for the quarter, compared to the consensus estimate of $235.61 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. Research analysts expect that ProAssurance Co. will post 0.58 EPS for the current fiscal year.

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.