Bank of New York Mellon Corp Has $7.93 Million Stake in ProAssurance Corporation (NYSE:PRA)

Bank of New York Mellon Corp reduced its stake in ProAssurance Corporation (NYSE:PRA - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 339,429 shares of the insurance provider's stock after selling 17,206 shares during the period. Bank of New York Mellon Corp owned 0.66% of ProAssurance worth $7,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PRA. Sterling Capital Management LLC raised its stake in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 1,461 shares during the period. GAMMA Investing LLC boosted its holdings in ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock worth $48,000 after purchasing an additional 1,564 shares in the last quarter. Aquatic Capital Management LLC boosted its holdings in ProAssurance by 148.6% during 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 during the period. KLP Kapitalforvaltning AS bought a new stake in ProAssurance during the fourth quarter valued at about $150,000. Finally, Scotia Capital Inc. bought a new stake in ProAssurance during the fourth quarter valued at about $173,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Price Performance

Shares of PRA traded up $0.04 during mid-day trading on Friday, hitting $23.81. 147,342 shares of the company traded hands, compared to its average volume of 663,112. ProAssurance Corporation has a one year low of $11.27 and a one year high of $23.95. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 29.02 and a beta of 0.12. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average of $23.28 and a 200 day moving average of $20.30.

ProAssurance (NYSE:PRA - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). The firm had revenue of $236.28 million for the quarter, compared to the consensus estimate of $272.85 million. ProAssurance had a return on equity of 4.51% and a net margin of 3.72%. The company's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.08 earnings per share. As a group, equities analysts expect that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citizens Jmp lowered shares of ProAssurance from an "outperform" rating to a "market perform" rating in a research report on Thursday, April 3rd. Raymond James Financial lowered shares of ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating for the company. Citigroup lowered shares of ProAssurance to a "market perform" rating in a research report on Thursday, April 3rd. Finally, Piper Sandler increased their price target on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" 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.