Hotchkis & Wiley Capital Management LLC Sells 10,990 Shares of ProAssurance Corporation $PRA

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in ProAssurance Corporation by 2.2%, selling 10,990 shares and owning 493,550 shares post-sale, worth approximately $11.5 million.
• ProAssurance's latest earnings report indicated earnings of $0.52 per share, significantly surpassing the consensus estimate, despite a 19.9% decline in revenue year-over-year.
• Research analysts have given ProAssurance a mixed outlook, with five analysts rating it as a "Hold" and the average target price set at $21.50.

Hotchkis & Wiley Capital Management LLC lowered its holdings in shares of ProAssurance Corporation (NYSE:PRA - Free Report) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 493,550 shares of the insurance provider's stock after selling 10,990 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.96% of ProAssurance worth $11,524,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position in shares of ProAssurance by 19.6% during the fourth quarter. Wells Fargo & Company MN now owns 40,164 shares of the insurance provider's stock worth $639,000 after purchasing an additional 6,583 shares during the last quarter. Envestnet Asset Management Inc. bought a new position in shares of ProAssurance in the fourth quarter worth about $228,000. Sterling Capital Management LLC increased its stake in ProAssurance by 859.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock worth $26,000 after buying an additional 1,461 shares during the period. Barclays PLC lifted its holdings in ProAssurance by 6.8% during the 4th quarter. Barclays PLC now owns 90,894 shares of the insurance provider's stock valued at $1,447,000 after buying an additional 5,777 shares in the last quarter. Finally, Mariner LLC lifted its holdings in ProAssurance by 4.2% during the 4th quarter. Mariner LLC now owns 17,007 shares of the insurance provider's stock valued at $271,000 after buying an additional 688 shares in the last quarter. Institutional investors own 85.58% of the company's stock.

Analyst Ratings Changes

PRA has been the topic of a number of research analyst reports. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Piper Sandler boosted their price target on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Finally, Wall Street Zen assumed coverage on ProAssurance in a report on Monday, May 19th. They set a "hold" rating on the stock. 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 currently has an average rating of "Reduce" and an average target price of $21.50.

ProAssurance Trading Up 0.3%

NYSE:PRA opened at $24.0020 on Friday. The firm has a 50-day simple moving average of $23.58 and a 200-day simple moving average of $21.63. ProAssurance Corporation has a one year low of $12.43 and a one year high of $24.14. The firm has a market cap of $1.23 billion, a P/E ratio of 25.53 and a beta of 0.13. 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 issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million for the quarter, compared to analyst estimates of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. ProAssurance's revenue was down 19.9% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share. Equities analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

ProAssurance 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.

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