ProAssurance (NYSE:PRA) Sets New 12-Month High – Here’s Why

Shares of ProAssurance Co. (NYSE:PRA) hit a new 52-week high during trading on Friday . The stock traded as high as $17.50 and last traded at $17.50, with a volume of 378 shares traded. The stock had previously closed at $16.31.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRA shares. Truist Financial decreased their target price on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, August 12th. JMP Securities lowered their price objective on ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a report on Wednesday, July 17th.

ProAssurance Stock Up 5.8 %

The company has a market cap of $882.95 million, a price-to-earnings ratio of -39.70 and a beta of 0.24. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $14.45 and a 200-day simple moving average of $13.56.

ProAssurance (NYSE:PRA) last released its earnings results on Thursday, August 8th. The insurance provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.08 by $0.15. The firm had revenue of $290.30 million for the quarter, compared to analysts’ expectations of $235.61 million. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. ProAssurance’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $0.16 EPS. As a group, analysts predict that ProAssurance Co. will post 0.58 EPS for the current year.

Institutional Trading of ProAssurance

A number of large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its stake in ProAssurance by 91.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock valued at $7,302,000 after acquiring an additional 231,852 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of ProAssurance by 567.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider’s stock valued at $1,851,000 after acquiring an additional 128,747 shares in the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of ProAssurance by 33.6% during 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. Smith Thornton Advisors LLC acquired a new stake in ProAssurance during the second quarter valued at $821,000. Finally, Deerfield Management Company L.P. Series C grew its stake in ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 53,560 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors.

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.