644,077 Shares in ProAssurance Corporation $PRA Acquired by TIG Advisors LLC

Key Points

• TIG Advisors LLC has acquired a new stake in ProAssurance Corporation, purchasing 644,077 shares valued at approximately $15 million, making it the 23rd largest holding in their investment portfolio.
• ProAssurance reported earnings of $0.52 per share for the latest quarter, surpassing the consensus estimate of $0.19, despite a 19.9% decline in revenue compared to the same quarter last year.
• Research analysts have adjusted price targets for ProAssurance, with Piper Sandler raising its target from $18.00 to $25.00 and an average target price currently set at $21.50.

TIG Advisors LLC acquired a new stake in ProAssurance Corporation (NYSE:PRA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 644,077 shares of the insurance provider's stock, valued at approximately $15,039,000. ProAssurance accounts for 0.9% of TIG Advisors LLC's investment portfolio, making the stock its 23rd largest holding. TIG Advisors LLC owned approximately 1.26% of ProAssurance as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRA. Envestnet Asset Management Inc. acquired a new position in ProAssurance during the fourth quarter worth about $228,000. Barclays PLC raised its position in ProAssurance by 6.8% during the fourth quarter. Barclays PLC now owns 90,894 shares of the insurance provider's stock worth $1,447,000 after acquiring an additional 5,777 shares during the last quarter. Mariner LLC raised its position in ProAssurance by 4.2% during the fourth quarter. Mariner LLC now owns 17,007 shares of the insurance provider's stock worth $271,000 after acquiring an additional 688 shares during the last quarter. Marshall Wace LLP raised its position in ProAssurance by 21.0% during the fourth quarter. Marshall Wace LLP now owns 29,091 shares of the insurance provider's stock worth $463,000 after acquiring an additional 5,040 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in ProAssurance by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider's stock worth $43,019,000 after acquiring an additional 123,232 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

ProAssurance Trading Up 0.0%

Shares of NYSE:PRA traded up $0.01 during trading on Friday, reaching $23.77. The stock had a trading volume of 380,452 shares, compared to its average volume of 431,809. The business has a fifty day moving average price of $23.77 and a 200-day moving average price of $22.21. 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 stock has a market cap of $1.22 billion, a P/E ratio of 25.28 and a beta of 0.12. ProAssurance Corporation has a fifty-two week low of $12.43 and a fifty-two week high of $24.14.

ProAssurance (NYSE:PRA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.33. The business had revenue of $271.94 million during 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 company's revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.23 earnings per share. As a group, analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRA. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Wall Street Zen began coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating for the company. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" 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.