Voya Investment Management LLC Has $328,000 Stake in ProAssurance Corporation $PRA

Key Points

• Voya Investment Management LLC significantly decreased its stake in ProAssurance Corporation by 96.1%, owning only 14,050 shares valued at $328,000 after selling 342,031 shares in the first quarter.
• ProAssurance posted an earnings per share (EPS) of $0.52 for the last quarter, exceeding analysts' estimates, despite a 19.9% decline in revenue year-over-year.
• Zacks Research upgraded ProAssurance from a "hold" to a "strong-buy" rating, with analysts currently holding a consensus rating of "Hold" and a target price of $21.50.

Voya Investment Management LLC decreased its position in ProAssurance Corporation (NYSE:PRA - Free Report) by 96.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,050 shares of the insurance provider's stock after selling 342,031 shares during the period. Voya Investment Management LLC's holdings in ProAssurance were worth $328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PRA. Magnetar Financial LLC acquired a new position in ProAssurance in the first quarter valued at $54,121,000. Alliancebernstein L.P. lifted its holdings in ProAssurance by 2,035.6% in the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider's stock valued at $35,410,000 after buying an additional 1,445,469 shares during the period. TIG Advisors LLC acquired a new position in ProAssurance in the first quarter valued at $15,039,000. Adage Capital Partners GP L.L.C. acquired a new position in ProAssurance in the first quarter valued at $8,281,000. Finally, AQR Arbitrage LLC acquired a new position in ProAssurance in the first quarter valued at $8,165,000. Institutional investors and hedge funds own 85.58% of the company's stock.

ProAssurance Trading Up 0.2%

NYSE:PRA opened at $23.93 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a 50-day moving average of $23.83 and a 200-day moving average of $23.20. The company has a market cap of $1.23 billion, a PE ratio of 25.45 and a beta of 0.12. ProAssurance Corporation has a one year low of $13.00 and a one year high of $24.14.

ProAssurance (NYSE:PRA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million during the quarter, compared to the consensus estimate of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The firm's revenue for the quarter was down 19.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 earnings per share. As a group, equities research analysts expect that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of ProAssurance from a "hold" rating to a "strong-buy" rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus 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.

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