ProAssurance (NYSE:PRA) Reaches New 52-Week High – Here’s Why

Shares of ProAssurance Co. (NYSE:PRA) reached a new 52-week high during trading on Friday . The stock traded as high as $17.50 and last traded at $17.50, with a volume of 378 shares traded. The stock had previously closed at $16.31.

Analyst Upgrades and Downgrades

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

ProAssurance Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26. The company’s fifty day simple moving average is $14.52 and its two-hundred day simple moving average is $13.58. The stock has a market capitalization of $869.21 million, a PE ratio of -38.61 and a beta of 0.24.

ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 EPS for the quarter, topping 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 business had revenue of $290.30 million during 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 company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, sell-side analysts predict that ProAssurance Co. will post 0.58 EPS for the current year.

Institutional Investors Weigh In On ProAssurance

Hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its position in ProAssurance by 91.4% during the third 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 in the last quarter. Cubist Systematic Strategies LLC lifted its position in ProAssurance by 567.5% during the second quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider’s stock valued at $1,851,000 after buying an additional 128,747 shares in the last quarter. Dana Investment Advisors Inc. lifted its position in ProAssurance by 33.6% during the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock valued at $5,314,000 after buying an additional 109,253 shares in the last quarter. Smith Thornton Advisors LLC acquired a new position in ProAssurance during the second quarter valued at approximately $821,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in ProAssurance by 402.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock valued at $1,029,000 after buying an additional 54,806 shares in the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

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.