Virtu Financial LLC Acquires New Position in ProAssurance Corporation (NYSE:PRA)

Key Points

• Virtu Financial LLC acquired 27,388 shares of ProAssurance Corporation, valued at approximately $639,000, increasing its stake to roughly 0.05% as reported in their recent SEC filing.
• Several large investors, including Deutsche Bank AG and Alpine Associates Management Inc., have also increased their stakes in ProAssurance during the fourth and first quarters.
• Analysts have mixed ratings on ProAssurance, with a consensus target price of $21.50 and recommendations ranging from "hold" to "sell." The stock recently reported an earnings per share of $0.52, exceeding expectations.

Virtu Financial LLC bought a new stake in ProAssurance Corporation (NYSE:PRA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 27,388 shares of the insurance provider's stock, valued at approximately $639,000. Virtu Financial LLC owned 0.05% of ProAssurance as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its position in ProAssurance by 50.1% in the fourth 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of ProAssurance by 10.9% during 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 worth $2,513,000 after acquiring an additional 15,542 shares during the period. GAMMA Investing LLC increased its position in shares of 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. purchased a new stake in shares of 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. Hedge funds and other institutional investors own 85.58% of the company's stock.

Analyst Upgrades and Downgrades

PRA has been the topic of a number of recent research reports. Wall Street Zen started coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Piper Sandler increased their target price on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $21.50.

ProAssurance Stock Down 0.3%

NYSE:PRA traded down $0.08 during trading hours on Friday, hitting $23.89. The company's stock had a trading volume of 570,321 shares, compared to its average volume of 564,680. 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 52-week low of $12.43 and a 52-week high of $24.14. The stock has a market capitalization of $1.23 billion, a P/E ratio of 25.42 and a beta of 0.13. The stock has a fifty day moving average of $23.49 and a 200-day moving average of $21.31.

ProAssurance (NYSE:PRA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $266.72 million. During the same quarter in the prior year, the firm earned $0.23 earnings per share. The business's quarterly revenue was down 19.9% compared to the same quarter last year. On average, equities analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current year.

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.