Hudson Bay Capital Management LP Raises Stock Position in ProAssurance Corporation $PRA

Key Points

• Hudson Bay Capital Management boosted its stake in ProAssurance by 1,050% in Q3, buying 525,000 shares to hold 575,000 shares (1.12% of the company) worth $13.79M, and institutional investors now own about 85.58% of the stock.
• ProAssurance reported $0.82 EPS for the quarter, beating estimates by $0.60 on $269.6M in revenue, while analysts maintain a consensus "Hold" rating with a $25 target and expect roughly $0.80 EPS for the year.

Hudson Bay Capital Management LP grew its stake in ProAssurance Corporation (NYSE:PRA - Free Report) by 1,050.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 575,000 shares of the insurance provider's stock after buying an additional 525,000 shares during the period. Hudson Bay Capital Management LP owned 1.12% of ProAssurance worth $13,794,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Qube Research & Technologies Ltd raised its stake in ProAssurance by 186.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider's stock worth $34,041,000 after acquiring an additional 969,833 shares in the last quarter. Hsbc Holdings PLC boosted its stake in ProAssurance by 1,310.1% in the second quarter. Hsbc Holdings PLC now owns 939,428 shares of the insurance provider's stock valued at $21,433,000 after acquiring an additional 872,808 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of ProAssurance by 41.6% during the third quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider's stock worth $65,056,000 after purchasing an additional 796,132 shares during the last quarter. Man Group plc purchased a new position in shares of ProAssurance during the third quarter worth about $17,058,000. Finally, Magnetar Financial LLC increased its position in shares of ProAssurance by 27.6% during the second quarter. Magnetar Financial LLC now owns 2,956,808 shares of the insurance provider's stock worth $67,504,000 after purchasing an additional 638,992 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Trading Down 0.1%

NYSE PRA opened at $24.47 on Friday. The firm's fifty day moving average is $24.40 and its two-hundred day moving average is $24.14. ProAssurance Corporation has a one year low of $22.72 and a one year high of $24.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market cap of $1.26 billion, a PE ratio of 24.96 and a beta of 0.04.

ProAssurance (NYSE:PRA - Get Free Report) last announced its earnings results on Monday, February 23rd. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.60. ProAssurance had a net margin of 4.64% and a return on equity of 6.50%. The business had revenue of $269.64 million during the quarter, compared to the consensus estimate of $261.08 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The business's quarterly revenue was down 7.1% compared to the same quarter last year. Analysts expect that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRA. Weiss Ratings reissued a "hold (c)" rating on shares of ProAssurance in a research report on Thursday, January 22nd. Zacks Research raised ProAssurance from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 24th. Finally, Wall Street Zen upgraded ProAssurance from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $25.00.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers' compensation, property and inland marine, and umbrella coverage.

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