ProAssurance (NYSE:PRA) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

ProAssurance Co. (NYSE:PRA)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $14.76 and traded as high as $14.90. ProAssurance shares last traded at $14.80, with a volume of 108,952 shares changing hands.

Analyst Ratings Changes

PRA has been the subject of several research reports. StockNews.com raised shares of ProAssurance from a “hold” rating to a “buy” rating in a report on Thursday, December 26th. Truist Financial boosted their price objective on ProAssurance from $14.00 to $18.00 and gave the stock 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 price target on the stock. in a research report on Monday, November 11th.

ProAssurance Stock Up 0.5 %

The firm has a market capitalization of $757.17 million, a price-to-earnings ratio of 17.83 and a beta of 0.27. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average of $15.75 and a 200-day moving average of $14.76.

ProAssurance (NYSE:PRA) last released its earnings results on Thursday, November 7th. The insurance provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.22. The business had revenue of $285.25 million for the quarter, compared to the consensus estimate of $270.75 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. During the same period last year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts expect that ProAssurance Co. will post 0.8 EPS for the current year.

Institutional Trading of ProAssurance

Hedge funds have recently made changes to their positions in the stock. Zacks Investment Management bought a new stake in ProAssurance in the third quarter worth approximately $5,140,000. Assenagon Asset Management S.A. lifted its stake in shares of ProAssurance by 91.4% in the third quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock worth $7,302,000 after buying an additional 231,852 shares during the last quarter. Wellington Management Group LLP grew its stake in ProAssurance by 3.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock valued at $47,588,000 after buying an additional 91,987 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in ProAssurance by 34.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 253,175 shares of the insurance provider’s stock valued at $3,808,000 after purchasing an additional 65,325 shares during the period. Finally, Barclays PLC grew its holdings in ProAssurance by 307.5% in the 3rd quarter. Barclays PLC now owns 85,117 shares of the insurance provider’s stock valued at $1,280,000 after buying an additional 64,228 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other 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.