ProAssurance Corporation $PRA Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in ProAssurance Corporation by 26.7% in Q1, now owning approximately 0.32% of the company, worth about $3.79 million.
• ProAssurance reported a quarterly earnings per share (EPS) of $0.52, exceeding expectations of $0.19, though its revenue decreased by 19.9% year-over-year.
• Analysts have set a target price of $21.50 for ProAssurance shares, with mixed ratings including one sell and five hold ratings.

Public Sector Pension Investment Board grew its position in ProAssurance Corporation (NYSE:PRA - Free Report) by 26.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,223 shares of the insurance provider's stock after buying an additional 34,167 shares during the period. Public Sector Pension Investment Board owned 0.32% of ProAssurance worth $3,788,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Deutsche Bank AG grew its stake in shares of ProAssurance by 50.1% in the 4th quarter. Deutsche Bank AG now owns 47,679 shares of the insurance provider's stock valued at $759,000 after buying an additional 15,921 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of ProAssurance by 10.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,977 shares of the insurance provider's stock valued at $2,513,000 after buying an additional 15,542 shares during the period. GAMMA Investing LLC grew its stake in shares of ProAssurance by 307.3% in the 1st quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after buying an additional 1,564 shares during the period. Alpine Associates Management Inc. purchased a new stake in shares of ProAssurance in the 1st quarter valued at approximately $5,167,000. Finally, Victory Capital Management Inc. acquired a new position in shares of ProAssurance in the 1st quarter worth approximately $209,000. Hedge funds and other institutional investors own 85.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PRA. Wall Street Zen began coverage on shares of ProAssurance in a report on Monday, May 19th. They issued a "hold" rating on the stock. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday. Finally, Piper Sandler upped their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ProAssurance has a consensus rating of "Reduce" and a consensus price target of $21.50.

ProAssurance Stock Up 0.3%

ProAssurance stock traded up $0.0620 during mid-day trading on Friday, reaching $24.0020. 611,083 shares of the company's stock were exchanged, compared to its average volume of 536,047. The company has a market cap of $1.23 billion, a P/E ratio of 25.53 and a beta of 0.13. ProAssurance Corporation has a twelve month low of $12.43 and a twelve month high of $24.14. 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 company has a fifty day moving average of $23.58 and a 200-day moving average of $21.67.

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, topping analysts' consensus estimates 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%. The firm's quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. Sell-side analysts expect that ProAssurance Corporation will post 0.8 EPS 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.