Point72 Asia Singapore Pte. Ltd. Trims Stake in ProAssurance Co. (NYSE:PRA)

Point72 Asia Singapore Pte. Ltd. cut its stake in ProAssurance Co. (NYSE:PRA) by 72.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,295 shares of the insurance provider’s stock after selling 11,332 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in ProAssurance were worth $52,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dana Investment Advisors Inc. grew its position in ProAssurance by 33.6% in the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock worth $5,314,000 after acquiring an additional 109,253 shares in the last quarter. Bank of New York Mellon Corp grew its position in ProAssurance by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock worth $5,098,000 after acquiring an additional 8,549 shares in the last quarter. American Century Companies Inc. grew its position in ProAssurance by 4.7% in the second quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock worth $3,736,000 after acquiring an additional 13,650 shares in the last quarter. Assenagon Asset Management S.A. grew its position in ProAssurance by 2.4% in the second quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock worth $3,100,000 after acquiring an additional 6,062 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in ProAssurance by 25.7% in the second quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider’s stock worth $2,980,000 after acquiring an additional 49,851 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JMP Securities cut 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 report on Wednesday, July 17th. Truist Financial cut their price target on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, August 12th.

ProAssurance Stock Performance

NYSE PRA opened at $15.09 on Friday. The company has a 50-day simple moving average of $13.40 and a two-hundred day simple moving average of $13.18. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.38. ProAssurance Co. has a 12-month low of $10.76 and a 12-month high of $18.98. The firm has a market cap of $769.77 million, a price-to-earnings ratio of -27.94 and a beta of 0.24.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.15. The business had revenue of $290.30 million during the quarter, compared to analyst estimates of $235.61 million. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. The company’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 earnings per share. On average, equities analysts forecast that ProAssurance Co. will post 0.58 EPS for the current year.

ProAssurance 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.