StockNews.com Downgrades ProAssurance (NYSE:PRA) to Hold

ProAssurance (NYSE:PRA) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

PRA has been the subject of a number of other reports. Truist Financial upped their price objective on shares of ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Piper Sandler downgraded ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Monday, November 11th.

ProAssurance Stock Performance

PRA opened at $15.44 on Wednesday. The company has a market cap of $789.85 million, a price-to-earnings ratio of 18.60 and a beta of 0.27. The company’s fifty day moving average price is $15.13 and its two-hundred day moving average price is $15.05. ProAssurance has a 1-year low of $10.76 and a 1-year high of $17.79. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35.

ProAssurance (NYSE:PRA) last released its quarterly earnings results on Monday, February 24th. The insurance provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.19. The business had revenue of $287.52 million during the quarter, compared to the consensus estimate of $274.56 million. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. On average, analysts expect that ProAssurance will post 0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its stake in ProAssurance by 859.4% in the fourth 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. KBC Group NV raised its stake in shares of ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock valued at $67,000 after buying an additional 1,798 shares during the period. Aquatic Capital Management LLC lifted its position in shares of ProAssurance by 148.6% during the 4th quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after buying an additional 3,714 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of ProAssurance by 94.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock worth $126,000 after acquiring an additional 4,052 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in ProAssurance in the 4th quarter worth about $150,000. 85.58% of the stock is owned by institutional investors.

ProAssurance Company 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.