ABC Arbitrage SA Makes New $5.57 Million Investment in ProAssurance Corporation (NYSE:PRA)

Key Points

• ABC Arbitrage SA made a new investment in ProAssurance Corporation by purchasing 238,675 shares valued at approximately $5.57 million, making it the 19th largest position in its portfolio.
• ProAssurance's recent earnings report showed $0.13 earnings per share, missing expectations of $0.19 per share, with revenues totaling $236.28 million, down 4.5% year-on-year.
• The consensus analyst rating for ProAssurance is currently a "Hold" with an average target price of $21.50, following mixed ratings from various financial analysts.

ABC Arbitrage SA acquired a new position in ProAssurance Corporation (NYSE:PRA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 238,675 shares of the insurance provider's stock, valued at approximately $5,573,000. ProAssurance makes up approximately 1.0% of ABC Arbitrage SA's investment portfolio, making the stock its 19th largest position. ABC Arbitrage SA owned approximately 0.47% of ProAssurance at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in shares of ProAssurance by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider's stock worth $43,019,000 after acquiring an additional 123,232 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in ProAssurance by 2,655.2% in the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock worth $10,268,000 after purchasing an additional 621,935 shares during the last quarter. Northern Trust Corp boosted its position in ProAssurance by 3.1% during the fourth quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider's stock worth $8,905,000 after purchasing an additional 16,983 shares during the period. Voya Investment Management LLC boosted its position in ProAssurance by 5.3% during the fourth quarter. Voya Investment Management LLC now owns 356,081 shares of the insurance provider's stock worth $5,665,000 after purchasing an additional 17,959 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in ProAssurance by 28.0% during the fourth quarter. JPMorgan Chase & Co. now owns 323,955 shares of the insurance provider's stock valued at $5,154,000 after purchasing an additional 70,780 shares during the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

ProAssurance Stock Performance

PRA stock traded up $0.05 on Wednesday, reaching $23.87. 668,939 shares of the company were exchanged, compared to its average volume of 597,724. The firm has a market capitalization of $1.22 billion, a PE ratio of 25.39 and a beta of 0.13. ProAssurance Corporation has a 12 month low of $11.27 and a 12 month high of $23.95. The stock's fifty day moving average price is $23.38 and its 200 day moving average price is $20.84. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26.

ProAssurance (NYSE:PRA - Get Free Report) last released its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.33. ProAssurance had a net margin of 4.33% and a return on equity of 5.68%. The business had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. During the same quarter last year, the company earned $0.23 earnings per share. The firm's revenue was down 19.9% on a year-over-year basis. On average, research analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Analyst Ratings Changes

PRA has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating for the company. Finally, Raymond James Financial downgraded ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, ProAssurance presently has a consensus rating of "Hold" and an average price target 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.