Vanguard Group Inc. Reduces Position in ProAssurance Corporation $PRA

Key Points

• Vanguard Group Inc. has reduced its holdings in ProAssurance Corporation by 1.8%, now owning approximately 10.99% of the company, which equates to 5,623,453 shares valued at about $131.3 million.
• Despite Vanguard's decrease, other institutional investors, such as Janus Henderson Group PLC, have significantly increased their stakes, indicating a mixed sentiment among hedge funds regarding ProAssurance.
• ProAssurance reported an EPS of $0.52 for its latest quarter, exceeding estimates, though its revenue has declined by 19.9% compared to the same quarter last year.

Vanguard Group Inc. reduced its stake in ProAssurance Corporation (NYSE:PRA - Free Report) by 1.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,623,453 shares of the insurance provider's stock after selling 104,127 shares during the period. Vanguard Group Inc. owned approximately 10.99% of ProAssurance worth $131,308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRA. Janus Henderson Group PLC increased its holdings in ProAssurance by 2,655.2% in the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock valued at $10,268,000 after acquiring an additional 621,935 shares during the last quarter. ABC Arbitrage SA bought a new stake in ProAssurance in the 1st quarter valued at $5,573,000. Alpine Associates Management Inc. bought a new stake in ProAssurance in the 1st quarter valued at $5,167,000. Tudor Investment Corp ET AL bought a new stake in ProAssurance in the 4th quarter valued at $2,466,000. Finally, Dimensional Fund Advisors LP increased its holdings in ProAssurance by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider's stock valued at $43,019,000 after acquiring an additional 123,232 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Price Performance

Shares of NYSE:PRA traded up $0.04 on Wednesday, reaching $23.81. The company's stock had a trading volume of 375,655 shares, compared to its average volume of 567,588. ProAssurance Corporation has a 52-week low of $12.43 and a 52-week high of $24.14. The company has a market cap of $1.22 billion, a P/E ratio of 25.32 and a beta of 0.13. The company has a 50-day simple moving average of $23.64 and a 200 day simple moving average of $21.76. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26.

ProAssurance (NYSE:PRA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 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 business had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. During the same period last year, the company posted $0.23 EPS. The business's revenue was down 19.9% on a year-over-year basis. As a group, equities research analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Piper Sandler lifted their price target on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Finally, Wall Street Zen began coverage on shares of ProAssurance in a research note on Monday, May 19th. They issued a "hold" rating for the company. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $21.50.

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.