ProAssurance Co. (NYSE:PRA) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its holdings in ProAssurance Co. (NYSE:PRA) by 2.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,214 shares of the insurance provider’s stock after selling 737 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of ProAssurance worth $439,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its position in ProAssurance by 91.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock valued at $7,302,000 after buying an additional 231,852 shares during the period. Cubist Systematic Strategies LLC raised its holdings in ProAssurance by 567.5% during the second quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider’s stock worth $1,851,000 after purchasing an additional 128,747 shares in the last quarter. Dana Investment Advisors Inc. lifted its position in shares of ProAssurance by 33.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock worth $5,314,000 after buying an additional 109,253 shares during the last quarter. Smith Thornton Advisors LLC acquired a new position in shares of ProAssurance in the 2nd quarter valued at $821,000. Finally, Deerfield Management Company L.P. Series C lifted its holdings in shares of ProAssurance by 199.4% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 53,560 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Trading Up 4.2 %

Shares of PRA opened at $16.99 on Friday. 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 Co. has a 12-month low of $10.76 and a 12-month high of $17.79. The company has a 50-day moving average of $14.52 and a two-hundred day moving average of $13.58.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRA. JMP Securities dropped their price objective 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 dropped their price target on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating on the stock in a research note on Monday, August 12th.

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.