ProAssurance (NYSE:PRA) Shares Gap Up Following Strong Earnings

ProAssurance Co. (NYSE:PRA)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.11, but opened at $15.12. ProAssurance shares last traded at $15.66, with a volume of 51,076 shares traded.

The insurance provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.19. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The business had revenue of $287.52 million during the quarter, compared to the consensus estimate of $274.56 million.

Wall Street Analysts Forecast Growth

PRA has been the subject of several recent analyst reports. Piper Sandler downgraded shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price for the company. in a research note on Monday, November 11th. Truist Financial raised their price objective on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded ProAssurance from a “hold” rating to a “buy” rating in a research note on Thursday, December 26th.

Institutional Trading of ProAssurance

Several large investors have recently bought and sold shares of the stock. Mariner LLC lifted its stake in shares of ProAssurance by 4.2% during the fourth quarter. Mariner LLC now owns 17,007 shares of the insurance provider’s stock worth $271,000 after buying an additional 688 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ProAssurance by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,991 shares of the insurance provider’s stock worth $461,000 after acquiring an additional 1,127 shares during the last quarter. Rhumbline Advisers lifted its position in ProAssurance by 0.8% during the 4th quarter. Rhumbline Advisers now owns 160,707 shares of the insurance provider’s stock worth $2,557,000 after acquiring an additional 1,281 shares during the period. Sterling Capital Management LLC grew its stake in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 1,461 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of ProAssurance by 0.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after purchasing an additional 1,738 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Up 14.6 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28. The firm has a market capitalization of $827.45 million, a price-to-earnings ratio of 19.49 and a beta of 0.27. The business has a fifty day moving average price of $15.14 and a two-hundred day moving average price of $15.03.

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.