Ellsworth Advisors LLC Takes Position in ProAssurance Corporation $PRA

Key Points

• Ellsworth Advisors LLC has made a new investment in ProAssurance Corporation, acquiring 40,879 shares worth approximately $955,000, which represents about 0.08% of the company.
• ProAssurance reported $0.52 earnings per share for the recent quarter, significantly beating analysts' expectations of $0.19, though its revenue decreased by 19.9% year-on-year.
• Institutional investors hold a majority of ProAssurance's shares, with 85.58% of the company's stock owned by these entities.

Ellsworth Advisors LLC bought a new position in shares of ProAssurance Corporation (NYSE:PRA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 40,879 shares of the insurance provider's stock, valued at approximately $955,000. Ellsworth Advisors LLC owned about 0.08% of ProAssurance at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PRA. Quantbot Technologies LP acquired a new position in shares of ProAssurance during the 1st quarter worth approximately $47,000. GAMMA Investing LLC boosted its holdings in shares of ProAssurance by 307.3% during the 1st 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 during the last quarter. CWM LLC lifted its holdings in ProAssurance by 95.9% in the first quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 1,079 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in ProAssurance in the first quarter valued at approximately $75,000. Finally, Wolverine Asset Management LLC acquired a new position in ProAssurance in the first quarter valued at approximately $84,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

ProAssurance Trading Down 0.0%

Shares of PRA traded down $0.01 during midday trading on Friday, hitting $23.80. 233,484 shares of the stock were exchanged, compared to its average volume of 414,423. ProAssurance Corporation has a 52-week low of $12.86 and a 52-week high of $24.14. The stock has a fifty day simple moving average of $23.83 and a 200 day simple moving average of $22.57. The firm has a market cap of $1.22 billion, a P/E ratio of 25.31 and a beta of 0.12. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26.

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, topping the consensus estimate 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 period last year, the business posted $0.23 earnings per share. The company's quarterly revenue was down 19.9% on a year-over-year basis. On average, research analysts anticipate 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.