Cubist Systematic Strategies LLC Purchases New Shares in ProAssurance Corporation $PRA

Key Points

• Cubist Systematic Strategies LLC has acquired 38,917 shares of ProAssurance Corporation, valued at approximately $909,000, during the first quarter of the year.
• ProAssurance recently reported a quarterly EPS of $0.52, surpassing estimates, but experienced a 19.9% decline in revenue compared to the same quarter last year.
• The stock has received mostly hold ratings from analysts, with a consensus price target set at $21.50.

Cubist Systematic Strategies LLC bought a new stake in shares of ProAssurance Corporation (NYSE:PRA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 38,917 shares of the insurance provider's stock, valued at approximately $909,000. Cubist Systematic Strategies LLC owned 0.08% of ProAssurance as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quantbot Technologies LP bought a new stake in shares of ProAssurance in the 1st quarter worth approximately $47,000. GAMMA Investing LLC lifted its position in shares of ProAssurance by 307.3% in the 1st quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock worth $48,000 after acquiring an additional 1,564 shares during the period. CWM LLC lifted its position in shares of ProAssurance by 95.9% in the 1st quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock worth $51,000 after acquiring an additional 1,079 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in shares of ProAssurance in the 1st quarter worth approximately $75,000. Finally, Wolverine Asset Management LLC bought a new stake in shares of ProAssurance in the 1st quarter worth approximately $84,000. Institutional investors own 85.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRA. Wall Street Zen began coverage on ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating for the company. Zacks Research upgraded ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ProAssurance presently has an average rating of "Reduce" and an average target price of $21.50.

ProAssurance Price Performance

PRA stock traded down $0.01 during midday trading on Monday, reaching $23.78. 226,091 shares of the company's stock traded hands, compared to its average volume of 397,581. The company has a 50-day simple moving average of $23.83 and a two-hundred day simple moving average of $22.68. ProAssurance Corporation has a 1-year low of $13.00 and a 1-year high of $24.14. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 25.30 and a beta of 0.12. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33.

ProAssurance (NYSE:PRA - Get Free Report) last released 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 firm had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. During the same period last year, the firm posted $0.23 EPS. The business's revenue was down 19.9% on a year-over-year basis. On average, analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current 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.