Bank of New York Mellon Corp Trims Stock Holdings in ProAssurance Corporation (NYSE:PRA)

Bank of New York Mellon Corp cut its holdings 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 and Exchange Commission (SEC). The firm owned 339,429 shares of the insurance provider's stock after selling 17,206 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of ProAssurance worth $7,926,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Mariner LLC grew its position in ProAssurance by 4.2% during the 4th quarter. Mariner LLC now owns 17,007 shares of the insurance provider's stock worth $271,000 after purchasing an additional 688 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ProAssurance by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,991 shares of the insurance provider's stock valued at $461,000 after buying an additional 1,127 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in ProAssurance by 859.4% in 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 in the last quarter. GAMMA Investing LLC lifted its holdings in ProAssurance by 307.3% in the 1st quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after purchasing an additional 1,564 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of ProAssurance by 6.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 49,155 shares of the insurance provider's stock worth $783,000 after acquiring an additional 2,993 shares during the period. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Stock Up 0.1%

Shares of ProAssurance stock traded up $0.03 on Friday, reaching $23.80. 326,843 shares of the company were exchanged, compared to its average volume of 693,641. ProAssurance Corporation has a 1-year low of $11.27 and a 1-year high of $23.95. The company has a market cap of $1.22 billion, a P/E ratio of 29.02 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26. The stock's 50 day moving average price is $23.29 and its 200-day moving average price is $20.39.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). The business had revenue of $236.28 million during the quarter, compared to analyst estimates of $272.85 million. ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. As a group, equities analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRA. Citigroup downgraded ProAssurance to a "market perform" rating in a research report on Thursday, April 3rd. Piper Sandler raised their price objective on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Citizens Jmp downgraded ProAssurance from an "outperform" rating to a "market perform" rating in a research report on Thursday, April 3rd. Raymond James Financial downgraded ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. Finally, Wall Street Zen initiated coverage on shares of ProAssurance in a research note on Monday, May 19th. They set a "hold" rating on the stock. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $21.50.

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.