ProAssurance Corporation (NYSE:PRA) Position Lessened by Royce & Associates LP

Key Points

• Royce & Associates LP has reduced its stake in ProAssurance Corporation by 24.4%, owning 225,600 shares worth approximately $5.27 million after selling 73,000 shares in the first quarter.
• ProAssurance's stock has recently seen a mixed response from analysts, with one analyst rating it as "sell" and five others giving it a "hold" rating, resulting in a consensus rating of "Hold" and an average target price of $21.50.
• For the latest quarter, ProAssurance reported a net margin of 3.72% and earnings per share (EPS) of $0.13, which fell short of analysts' expectations of $0.19 EPS.

Royce & Associates LP cut its holdings in shares of ProAssurance Corporation (NYSE:PRA - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,600 shares of the insurance provider's stock after selling 73,000 shares during the period. Royce & Associates LP owned approximately 0.44% of ProAssurance worth $5,268,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG lifted 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 worth $759,000 after acquiring an additional 15,921 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ProAssurance by 10.9% in the fourth 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 lifted its holdings in shares of ProAssurance by 307.3% in the first 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. Northern Trust Corp lifted its holdings in ProAssurance by 3.1% in the 4th quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider's stock valued at $8,905,000 after acquiring an additional 16,983 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in ProAssurance by 57.3% in the 4th quarter. Prudential Financial Inc. now owns 86,703 shares of the insurance provider's stock valued at $1,379,000 after acquiring an additional 31,580 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

ProAssurance Stock Up 0.1%

ProAssurance stock traded up $0.02 during mid-day trading on Thursday, hitting $23.81. The company's stock had a trading volume of 210,814 shares, compared to its average volume of 661,723. The firm's 50 day moving average is $23.32 and its 200 day moving average is $20.54. The company has a market cap of $1.22 billion, a PE ratio of 29.03 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26. ProAssurance Corporation has a 52-week low of $11.27 and a 52-week high of $23.95.

ProAssurance (NYSE:PRA - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). The company had revenue of $236.28 million during the quarter, compared to analysts' expectations of $272.85 million. ProAssurance had a return on equity of 4.51% and a net margin of 3.72%. ProAssurance's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. On average, analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on PRA. Citizens Jmp lowered shares of ProAssurance from an "outperform" rating to a "market perform" rating in a research note on Thursday, April 3rd. Wall Street Zen assumed coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating for the company. Citigroup downgraded ProAssurance to a "market perform" rating in a report on Thursday, April 3rd. Piper Sandler upped their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Finally, Raymond James Financial downgraded shares of ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average 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.