nVerses Capital LLC Makes New Investment in ProAssurance Co. (NYSE:PRA)

nVerses Capital LLC purchased a new stake in shares of ProAssurance Co. (NYSE:PRA) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,900 shares of the insurance provider’s stock, valued at approximately $44,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Deerfield Management Company L.P. Series C lifted its holdings in ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after acquiring an additional 53,560 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of ProAssurance by 2.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock worth $3,100,000 after purchasing an additional 6,062 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of ProAssurance by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider’s stock worth $1,371,000 after buying an additional 6,437 shares during the last quarter. AQR Capital Management LLC grew its position in ProAssurance by 25.7% during the second quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider’s stock valued at $2,980,000 after buying an additional 49,851 shares during the period. Finally, ProShare Advisors LLC purchased a new stake in ProAssurance during the first quarter valued at approximately $132,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

ProAssurance Price Performance

Shares of NYSE:PRA opened at $15.45 on Wednesday. The firm’s 50 day simple moving average is $14.05 and its two-hundred day simple moving average is $13.40. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26. The company has a market capitalization of $788.14 million, a P/E ratio of -28.61 and a beta of 0.24. ProAssurance Co. has a 1-year low of $10.76 and a 1-year high of $18.19.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRA shares. JMP Securities dropped their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Wednesday, July 17th. Truist Financial cut their price target on ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a report on Monday, August 12th.

ProAssurance Profile

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.