Alliancebernstein L.P. Increases Holdings in ProAssurance Corporation $PRA

Key Points

• Alliancebernstein L.P. has significantly increased its stake in ProAssurance Corporation by 2,035.6%, now owning approximately 1.5 million shares valued at $35.4 million.
• During the last quarter, several hedge funds, including CWM LLC and GAMMA Investing LLC, made substantial investments in ProAssurance, which is now predominantly owned by institutional investors.
• ProAssurance reported an earnings per share (EPS) of $0.52 for the quarter, surpassing estimates, but saw a 19.9% decline in revenue compared to the previous year.

Alliancebernstein L.P. increased its stake in ProAssurance Corporation (NYSE:PRA - Free Report) by 2,035.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,516,479 shares of the insurance provider's stock after purchasing an additional 1,445,469 shares during the quarter. Alliancebernstein L.P. owned about 2.96% of ProAssurance worth $35,410,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PRA. Quantbot Technologies LP purchased a new position in shares of ProAssurance in the first 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 stake in ProAssurance by 95.9% during the first quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after buying an additional 1,079 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in ProAssurance during the first quarter valued at $75,000. Finally, Wolverine Asset Management LLC bought a new stake in ProAssurance during the first quarter valued at $84,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

ProAssurance Trading Up 0.1%

Shares of PRA stock opened at $23.79 on Tuesday. 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 business has a 50-day moving average price of $23.79 and a two-hundred day moving average price of $22.38. ProAssurance Corporation has a 12-month low of $12.43 and a 12-month high of $24.14. The firm has a market cap of $1.22 billion, a P/E ratio of 25.30 and a beta of 0.12.

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 (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.33. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The firm had revenue of $271.94 million during the quarter, compared to analyst estimates of $266.72 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company's revenue was down 19.9% compared to the same quarter last year. Equities analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PRA shares. Wall Street Zen started coverage on ProAssurance in a research note on Monday, May 19th. They set a "hold" rating for the company. Zacks Research raised ProAssurance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $21.50.

ProAssurance 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.

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