American Century Companies Inc. Purchases 54,702 Shares of ProAssurance Corporation $PRA

Key Points

• American Century Companies Inc. increased its stake in ProAssurance Corporation by 14.0%, holding 446,311 shares worth approximately $10.4 million as of the latest SEC filing.
• ProAssurance recently reported $0.52 EPS for the quarter, exceeding analysts' expectations of $0.19, despite a 19.9% decline in revenue compared to the previous year.
• The average rating for ProAssurance among analysts is currently "Hold", with a price target of $21.50, reflecting a cautious outlook on the stock.

American Century Companies Inc. lifted its position in ProAssurance Corporation (NYSE:PRA - Free Report) by 14.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 446,311 shares of the insurance provider's stock after purchasing an additional 54,702 shares during the quarter. American Century Companies Inc. owned 0.87% of ProAssurance worth $10,421,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Public Sector Pension Investment Board boosted its holdings in ProAssurance by 26.7% during the 1st quarter. Public Sector Pension Investment Board now owns 162,223 shares of the insurance provider's stock valued at $3,788,000 after acquiring an additional 34,167 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in ProAssurance during the 1st quarter valued at about $75,000. Nuveen LLC purchased a new stake in ProAssurance during the 1st quarter valued at about $3,500,000. Virtu Financial LLC purchased a new stake in ProAssurance during the 1st quarter valued at about $639,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in ProAssurance by 3.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 105,389 shares of the insurance provider's stock valued at $2,461,000 after acquiring an additional 3,237 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PRA shares. Wall Street Zen started coverage on ProAssurance in a report on Monday, May 19th. They set a "hold" rating for the company. Zacks Research upgraded ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Piper Sandler increased their target price on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $21.50.

ProAssurance Trading Up 0.1%

PRA traded up $0.04 during midday trading on Friday, reaching $23.82. 375,133 shares of the company's stock traded hands, compared to its average volume of 503,686. The firm has a fifty day moving average of $23.68 and a two-hundred day moving average of $21.94. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.34 and a beta of 0.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26. ProAssurance Corporation has a 52 week low of $12.43 and a 52 week high of $24.14.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.52 EPS 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 during the quarter, compared to analyst estimates of $266.72 million. During the same quarter in the prior year, the company posted $0.23 EPS. ProAssurance's quarterly revenue was down 19.9% compared to the same quarter last year. On average, equities analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

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.