ProAssurance Corporation $PRA Stock Position Decreased by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in ProAssurance Corporation by 13.8%, now owning 581,931 shares valued at approximately $13.6 million.
• Several hedge funds have increased their positions in ProAssurance, with notable growth from Sterling Capital Management (859.4%) and GAMMA Investing LLC (307.3%).
• ProAssurance recently beat earnings expectations with an EPS of $0.52, significantly higher than the consensus estimate of $0.19, although quarterly revenue was down 19.9% year-over-year.

Invesco Ltd. cut its position in shares of ProAssurance Corporation (NYSE:PRA - Free Report) by 13.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 581,931 shares of the insurance provider's stock after selling 92,989 shares during the quarter. Invesco Ltd. owned about 1.13% of ProAssurance worth $13,588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its position in shares of ProAssurance by 2,655.2% in 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 purchased a new stake in shares of ProAssurance in the first quarter worth about $5,573,000. Alpine Associates Management Inc. purchased a new stake in shares of ProAssurance in the first quarter worth about $5,167,000. Tudor Investment Corp ET AL purchased a new stake in shares of ProAssurance in the fourth quarter worth about $2,466,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of ProAssurance by 4.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider's stock worth $43,019,000 after buying an additional 123,232 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRA. Piper Sandler upped their target price on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Zacks Research raised ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Wall Street Zen began coverage on ProAssurance in a report on Monday, May 19th. They issued a "hold" rating for the company. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ProAssurance presently has an average rating of "Reduce" and an average target price of $21.50.

ProAssurance Stock Performance

NYSE:PRA traded down $0.02 during trading hours on Thursday, reaching $23.78. 293,520 shares of the stock were exchanged, compared to its average volume of 527,432. The company has a quick ratio of 0.26, a current 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 200-day simple moving average of $21.83. ProAssurance Corporation has a 52 week low of $12.43 and a 52 week high of $24.14. The stock has a market capitalization of $1.22 billion, a P/E ratio of 25.29 and a beta of 0.13.

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