Short Interest in ProAssurance Co. (NYSE:PRA) Declines By 28.0%

ProAssurance Co. (NYSE:PRA) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 680,600 shares, a decline of 28.0% from the October 31st total of 945,100 shares. Based on an average trading volume of 260,200 shares, the short-interest ratio is presently 2.6 days. Currently, 1.4% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PRA shares. StockNews.com lowered shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Piper Sandler downgraded 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. Finally, Truist Financial boosted their price objective on ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co grew its position in shares of ProAssurance by 12.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 46,875 shares of the insurance provider’s stock valued at $603,000 after acquiring an additional 5,008 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in ProAssurance by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 44,323 shares of the insurance provider’s stock valued at $570,000 after purchasing an additional 1,619 shares during the period. Assenagon Asset Management S.A. increased its position in shares of ProAssurance by 2.4% in the second quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock valued at $3,100,000 after buying an additional 6,062 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of ProAssurance by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock worth $5,098,000 after buying an additional 8,549 shares during the period. Finally, Innealta Capital LLC purchased a new position in shares of ProAssurance during the 2nd quarter valued at approximately $69,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Performance

Shares of NYSE:PRA traded down $0.01 during trading on Friday, hitting $16.72. 130,985 shares of the stock traded hands, compared to its average volume of 258,265. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average price of $15.58 and a two-hundred day moving average price of $13.86. ProAssurance has a 52-week low of $10.76 and a 52-week high of $17.79. The company has a market cap of $855.40 million, a price-to-earnings ratio of 20.14 and a beta of 0.24.

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.