Vanguard Group Inc. Has $131.31 Million Stock 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. lessened its position in ProAssurance Corporation (NYSE:PRA - Free Report) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,623,453 shares of the insurance provider's stock after selling 104,127 shares during the quarter. Vanguard Group Inc. owned 10.99% of ProAssurance worth $131,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRA. Deutsche Bank AG raised its holdings 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 purchasing an additional 15,921 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 purchasing an additional 15,542 shares during the period. GAMMA Investing LLC raised 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. Alpine Associates Management Inc. acquired a new position in ProAssurance during the first quarter worth $5,167,000. Finally, Victory Capital Management Inc. purchased a new stake in shares of ProAssurance during the first quarter worth $209,000. Institutional investors own 85.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRA. Piper Sandler increased their target price on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Zacks Research raised shares of ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Wall Street Zen started coverage on shares of ProAssurance in a report on Monday, May 19th. They set a "hold" rating on the stock. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $21.50.

ProAssurance Stock Down 0.3%

Shares of ProAssurance stock traded down $0.07 on Tuesday, hitting $23.79. 353,761 shares of the company's stock traded hands, compared to its average volume of 648,022. The firm's 50-day moving average is $23.61 and its 200 day moving average is $21.73. ProAssurance Corporation has a 52-week low of $12.43 and a 52-week high of $24.14. The stock has a market cap of $1.22 billion, a P/E ratio of 25.30 and a beta of 0.13. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33.

ProAssurance (NYSE:PRA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.33. The company had revenue of $271.94 million for the quarter, compared to analysts' expectations of $266.72 million. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The firm's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period last year, the business posted $0.23 earnings per share. Equities analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current year.

ProAssurance 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.