Adage Capital Partners GP L.L.C. Buys Shares of 354,633 ProAssurance Corporation $PRA

Key Points

• Adage Capital Partners GP L.L.C. has acquired 354,633 shares of ProAssurance Corporation for approximately $8.28 million, marking a new position in the company.
• ProAssurance reported an earnings per share (EPS) of $0.52 for the last quarter, significantly exceeding analyst expectations, while experiencing a 19.9% decline in quarterly revenue compared to the previous year.
• Institutional investors and hedge funds collectively hold 85.58% of ProAssurance’s stock, indicating strong institutional interest in the company.

Adage Capital Partners GP L.L.C. acquired a new position in ProAssurance Corporation (NYSE:PRA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 354,633 shares of the insurance provider's stock, valued at approximately $8,281,000. Adage Capital Partners GP L.L.C. owned approximately 0.69% of ProAssurance as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of PRA. Magnetar Financial LLC acquired a new stake in shares of ProAssurance during the first quarter worth $54,121,000. TIG Advisors LLC acquired a new stake in shares of ProAssurance during the first quarter worth $15,039,000. Janus Henderson Group PLC raised its position in shares of ProAssurance by 2,655.2% during the fourth 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 period. Westchester Capital Management LLC acquired a new stake in shares of ProAssurance during the first quarter worth $5,575,000. Finally, ABC Arbitrage SA acquired a new stake in shares of ProAssurance during the first quarter worth $5,573,000. 85.58% of the stock is owned by institutional investors and hedge funds.

ProAssurance Stock Down 0.0%

Shares of PRA stock traded down $0.01 on Friday, reaching $23.80. 233,484 shares of the company's stock traded hands, compared to its average volume of 414,423. ProAssurance Corporation has a 12-month low of $12.86 and a 12-month high of $24.14. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26. The company has a market capitalization of $1.22 billion, a P/E ratio of 25.31 and a beta of 0.12. The business's 50 day moving average price is $23.83 and its two-hundred day moving average price is $22.52.

ProAssurance (NYSE:PRA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.33. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The business had revenue of $271.94 million for the quarter, compared to the consensus estimate of $266.72 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. ProAssurance's revenue for the quarter was down 19.9% compared to the same quarter last year. On average, equities analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Analyst Ratings Changes

PRA has been the topic of a number of recent analyst reports. Zacks Research raised ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Wall Street Zen assumed coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $21.50.

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.