Ellsworth Advisors LLC Invests $955,000 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 ProAssurance Corporation (NYSE:PRA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 40,879 shares of the insurance provider's stock, valued at approximately $955,000. Ellsworth Advisors LLC owned approximately 0.08% of ProAssurance as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the company. Magnetar Financial LLC bought a new position in shares of ProAssurance during the 1st quarter worth approximately $54,121,000. Alliancebernstein L.P. increased its position in shares of ProAssurance by 2,035.6% during the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider's stock worth $35,410,000 after purchasing an additional 1,445,469 shares in the last quarter. Janus Henderson Group PLC increased 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 worth $10,268,000 after purchasing an additional 621,935 shares in the last quarter. TIG Advisors LLC acquired a new position in shares of ProAssurance during the first quarter worth $15,039,000. Finally, Northern Trust Corp increased its position in ProAssurance by 3.1% during the 4th quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider's stock valued at $8,905,000 after buying an additional 16,983 shares in the last quarter. Institutional investors own 85.58% of the company's stock.

ProAssurance Stock Performance

ProAssurance stock traded up $0.01 during trading hours on Tuesday, hitting $23.79. 95,081 shares of the stock traded hands, compared to its average volume of 627,261. The firm's 50 day moving average price is $23.83 and its 200-day moving average price is $22.68. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.30 and a beta of 0.12. ProAssurance Corporation has a 1 year low of $13.00 and a 1 year high of $24.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26.

ProAssurance (NYSE:PRA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.33. The firm had revenue of $271.94 million for the quarter, compared to analyst estimates of $266.72 million. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.ProAssurance's revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 earnings per share. As a group, equities analysts expect that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PRA shares. Wall Street Zen started coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" 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.