Public Sector Pension Investment Board Has $3.79 Million Position in ProAssurance Corporation $PRA

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

Several other large investors also recently modified their holdings of PRA. Sterling Capital Management LLC raised its position in shares of 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. GAMMA Investing LLC increased its position in 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 acquiring an additional 1,564 shares during the period. CWM LLC increased its position in 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 acquiring an additional 1,079 shares during the period. Longfellow Investment Management Co. LLC bought a new position in ProAssurance during the first quarter worth about $75,000. Finally, Wolverine Asset Management LLC bought a new position in ProAssurance during the first quarter worth about $84,000. 85.58% of the stock is owned by institutional investors.

ProAssurance Price Performance

ProAssurance stock traded up $0.0620 during trading hours on Friday, reaching $24.0020. 611,083 shares of the stock were exchanged, compared to its average volume of 521,835. The company has a market cap of $1.23 billion, a P/E ratio of 25.53 and a beta of 0.13. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. ProAssurance Corporation has a twelve month low of $12.43 and a twelve month high of $24.14. The stock has a 50 day moving average of $23.58 and a two-hundred day moving average of $21.58.

ProAssurance (NYSE:PRA - Get Free Report) last announced its quarterly earnings data 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. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. 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 company posted $0.23 earnings per share. The business's revenue for the quarter was down 19.9% on a year-over-year basis. Equities analysts expect that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Piper Sandler raised their price target on shares of 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 shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, ProAssurance currently has a consensus rating of "Reduce" and a consensus target price 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.