Hsbc Holdings PLC Boosts Holdings in ProAssurance Corporation $PRA

Key Points

• Hsbc Holdings PLC increased its stakes in ProAssurance Corporation by 76.4%, acquiring an additional 28,861 shares, bringing its total to 66,620 shares valued at approximately $1.55 million.
• Analysts have revised their price targets for ProAssurance, with Piper Sandler increasing it from $18.00 to $25.00 and a consensus rating of "Reduce" with a target price of $21.50.
• ProAssurance reported an EPS of $0.52 for the last quarter, surpassing analysts' expectations, but experienced a 19.9% decrease in revenue compared to the same quarter last year.

Hsbc Holdings PLC boosted its stake in shares of ProAssurance Corporation (NYSE:PRA - Free Report) by 76.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,620 shares of the insurance provider's stock after buying an additional 28,861 shares during the period. Hsbc Holdings PLC owned 0.13% of ProAssurance worth $1,553,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PRA. Janus Henderson Group PLC lifted its holdings in 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 buying an additional 621,935 shares during the period. ABC Arbitrage SA acquired a new position in shares of ProAssurance during the first quarter worth $5,573,000. Alpine Associates Management Inc. acquired a new position in shares of ProAssurance during the first quarter worth $5,167,000. Tudor Investment Corp ET AL acquired a new position in shares of ProAssurance during the fourth quarter worth $2,466,000. Finally, Nuveen LLC acquired a new position in shares of ProAssurance during the first quarter worth $3,500,000. Hedge funds and other institutional investors own 85.58% of the company's stock.

ProAssurance Stock Performance

Shares of NYSE PRA traded down $0.02 during mid-day trading on Tuesday, hitting $23.80. The stock had a trading volume of 422,602 shares, compared to its average volume of 642,579. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26. The company has a 50 day moving average of $23.70 and a two-hundred day moving average of $22.05. ProAssurance Corporation has a twelve month low of $12.43 and a twelve month high of $24.14. The firm has a market cap of $1.22 billion, a PE ratio of 25.31 and a beta of 0.12.

ProAssurance (NYSE:PRA - Get Free Report) last released its earnings results 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. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The firm had revenue of $271.94 million for the quarter, compared to the consensus estimate of $266.72 million. During the same period in the prior year, the firm earned $0.23 EPS. The firm's revenue was down 19.9% on a year-over-year basis. Research analysts predict that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRA. Piper Sandler upped their price target on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Wall Street Zen began coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Finally, Zacks Research raised ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ProAssurance has a consensus 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.