238,675 Shares in ProAssurance Corporation (NYSE:PRA) Bought by ABC Arbitrage SA

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 bought a new position in shares of ProAssurance Corporation (NYSE:PRA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 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 biggest position. ABC Arbitrage SA owned 0.47% of ProAssurance as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRA. Sterling Capital Management LLC increased its position in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock worth $26,000 after purchasing an additional 1,461 shares in the last quarter. GAMMA Investing LLC grew its position in ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after acquiring an additional 1,564 shares in the last quarter. CWM LLC grew its position in ProAssurance by 95.9% in the first 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 in the last quarter. Aquatic Capital Management LLC grew its position in ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider's stock valued at $99,000 after acquiring an additional 3,714 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in ProAssurance in the fourth quarter valued at approximately $150,000. Institutional investors and hedge funds own 85.58% of the company's stock.

Analysts Set New Price Targets

PRA has been the subject of several recent research reports. Wall Street Zen initiated coverage on shares of ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating for the company. Piper Sandler increased their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $21.50.

ProAssurance Stock Up 0.1%

Shares of ProAssurance stock traded up $0.03 on Friday, hitting $23.92. 402,847 shares of the company's stock traded hands, compared to its average volume of 590,802. The stock has a market cap of $1.23 billion, a P/E ratio of 25.44 and a beta of 0.13. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33. The firm's 50-day moving average is $23.41 and its 200 day moving average is $20.96. ProAssurance Corporation has a 52-week low of $12.05 and a 52-week high of $24.00.

ProAssurance (NYSE:PRA - Get Free Report) last released its earnings results 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 during the quarter, compared to analysts' expectations of $266.72 million. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%. The business's revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. Equities analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current year.

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.