Principal Financial Group Inc. Lowers Position in ProAssurance Co. (NYSE:PRA)

Principal Financial Group Inc. decreased its position in ProAssurance Co. (NYSE:PRA) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 241,150 shares of the insurance provider’s stock after selling 10,774 shares during the period. Principal Financial Group Inc. owned 0.47% of ProAssurance worth $3,627,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRA. Point72 Hong Kong Ltd purchased a new position in ProAssurance in the second quarter worth $28,000. nVerses Capital LLC bought a new position in shares of ProAssurance during the 3rd quarter valued at approximately $44,000. Innealta Capital LLC bought a new stake in shares of ProAssurance in the 2nd quarter worth approximately $69,000. ProShare Advisors LLC purchased a new position in ProAssurance in the first quarter valued at approximately $132,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in ProAssurance in the second quarter worth $166,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

ProAssurance Trading Up 2.6 %

ProAssurance stock opened at $16.67 on Friday. The stock has a market cap of $852.84 million, a P/E ratio of 19.76 and a beta of 0.24. ProAssurance Co. has a fifty-two week low of $10.76 and a fifty-two week high of $17.79. The firm’s fifty day moving average price is $15.10 and its 200-day moving average price is $13.76. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PRA shares. StockNews.com downgraded ProAssurance from a “buy” rating to a “hold” rating in a research note on Tuesday. Truist Financial upped their price target on shares of ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Finally, Piper Sandler cut shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Monday, November 11th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.67.

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.