Cubist Systematic Strategies LLC Buys Shares of 38,917 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 acquired a new stake in ProAssurance Corporation (NYSE:PRA - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 38,917 shares of the insurance provider's stock, valued at approximately $909,000. Cubist Systematic Strategies LLC owned approximately 0.08% of ProAssurance at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Magnetar Financial LLC bought a new position in shares of ProAssurance during the first quarter valued at about $54,121,000. Janus Henderson Group PLC lifted its position in shares of ProAssurance by 2,655.2% during the fourth quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock valued at $10,268,000 after purchasing an additional 621,935 shares in the last quarter. Northern Trust Corp lifted its position in shares of ProAssurance by 3.1% during the fourth quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider's stock valued at $8,905,000 after purchasing an additional 16,983 shares in the last quarter. American Century Companies Inc. lifted its position in shares of ProAssurance by 14.0% during the first quarter. American Century Companies Inc. now owns 446,311 shares of the insurance provider's stock valued at $10,421,000 after purchasing an additional 54,702 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of ProAssurance by 2.7% during the first quarter. Principal Financial Group Inc. now owns 254,753 shares of the insurance provider's stock valued at $5,948,000 after purchasing an additional 6,684 shares in the last quarter. 85.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Zacks Research raised shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $21.50.

ProAssurance Price Performance

NYSE:PRA traded down $0.03 during mid-day trading on Monday, hitting $23.77. 12,876 shares of the stock traded hands, compared to its average volume of 629,077. The business's 50-day moving average price is $23.83 and its 200 day moving average price is $22.62. The company has a market cap of $1.22 billion, a PE ratio of 25.27 and a beta of 0.12. ProAssurance Corporation has a 12-month low of $13.00 and a 12-month high of $24.14. 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 issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. ProAssurance's revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share. On average, analysts expect that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

About ProAssurance

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.