Magnetar Financial LLC Invests $54.12 Million in ProAssurance Corporation $PRA

Key Points

• Magnetar Financial LLC has acquired 2,317,816 shares of ProAssurance Corporation, valued at approximately $54.1 million, marking it as the 20th largest position in their portfolio.
• ProAssurance's quarterly earnings surpassed estimates, reporting $0.52 EPS against a consensus of $0.19, but experienced a 19.9% decline in year-over-year revenue.
• Brokerages have recently upgraded ProAssurance to a "hold" rating, with a price target increasing from $18.00 to $25.00, reflecting cautious optimism amidst mixed performance outlooks.

Magnetar Financial LLC bought a new stake in shares of ProAssurance Corporation (NYSE:PRA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,317,816 shares of the insurance provider's stock, valued at approximately $54,121,000. ProAssurance makes up about 0.7% of Magnetar Financial LLC's holdings, making the stock its 20th biggest holding. Magnetar Financial LLC owned about 4.52% of ProAssurance at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quantbot Technologies LP bought a new position in ProAssurance in the 1st quarter valued at $47,000. GAMMA Investing LLC boosted its stake in ProAssurance by 307.3% during the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after buying an additional 1,564 shares during the period. CWM LLC boosted its position in shares of ProAssurance by 95.9% during the 1st quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 1,079 shares during the last quarter. Longfellow Investment Management Co. LLC purchased a new position in shares of ProAssurance during the first quarter worth about $75,000. Finally, Wolverine Asset Management LLC bought a new position in shares of ProAssurance in the first quarter worth approximately $84,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Stock Down 0.2%

Shares of PRA traded down $0.05 on Tuesday, reaching $23.77. The stock had a trading volume of 851,588 shares, compared to its average volume of 645,502. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26. ProAssurance Corporation has a 12-month low of $12.43 and a 12-month high of $24.14. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.28 and a beta of 0.12. The company has a 50-day simple moving average of $23.70 and a 200-day simple moving average of $22.05.

ProAssurance (NYSE:PRA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million for the quarter, compared to the consensus estimate of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. ProAssurance's revenue for the quarter was down 19.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 EPS. Sell-side analysts predict that ProAssurance Corporation will post 0.8 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on PRA. Wall Street Zen started coverage on shares of ProAssurance in a research note on Monday, May 19th. They issued a "hold" rating for the company. Zacks Research upgraded ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, Piper Sandler upped their price objective on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $21.50.

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.