Hotchkis & Wiley Capital Management LLC Trims Holdings in 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 ProAssurance Corporation (NYSE:PRA - Free Report) by 2.2% during the first quarter, according to its most recent disclosure 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.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRA. Sterling Capital Management LLC raised its position in ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 1,461 shares during the period. Quantbot Technologies LP purchased a new position in shares of ProAssurance during the first quarter worth $47,000. GAMMA Investing LLC boosted its position in shares of ProAssurance by 307.3% during the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock worth $48,000 after buying an additional 1,564 shares during the period. CWM LLC boosted its position in shares of ProAssurance by 95.9% during the first quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock worth $51,000 after buying an additional 1,079 shares during the period. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of ProAssurance during the first quarter worth $75,000. Hedge funds and other institutional investors own 85.58% of the company's stock.

Analyst Upgrades and Downgrades

PRA has been the subject of several research analyst reports. Wall Street Zen assumed coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating for the company. Piper Sandler upped their price objective on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Zacks Research raised ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $21.50.

ProAssurance Stock Up 0.2%

Shares of NYSE PRA traded up $0.06 during mid-day trading on Friday, reaching $23.84. The company had a trading volume of 92,020 shares, compared to its average volume of 642,486. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The firm has a 50 day simple moving average of $23.66 and a two-hundred day simple moving average of $21.83. The stock has a market cap of $1.23 billion, a P/E ratio of 25.36 and a beta of 0.13. ProAssurance Corporation has a 52-week low of $12.43 and a 52-week high of $24.14.

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, beating the consensus estimate of $0.19 by $0.33. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The firm had revenue of $271.94 million during the quarter, compared to the consensus estimate of $266.72 million. During the same quarter in the prior year, the firm earned $0.23 EPS. ProAssurance's revenue for the quarter was down 19.9% on a year-over-year basis. Sell-side analysts predict that ProAssurance Corporation will post 0.8 earnings per share for the current 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.