Wellington Management Group LLP Sells 2,200,427 Shares of ProAssurance Corporation $PRA

Key Points

• Wellington Management Group LLP reduced its holdings in ProAssurance Corporation by 73.7%, selling over 2.2 million shares during the first quarter and now owning approximately 1.53% of the company.
• Institutional investors collectively own 85.58% of ProAssurance's stock, with several firms, such as GAMMA Investing and CWM LLC, significantly increasing their positions in the first quarter.
• ProAssurance's stock reported lower quarterly revenue, down 19.9% year-over-year, despite the company exceeding earnings expectations with an EPS of $0.52 for the last quarter.

Wellington Management Group LLP lessened its holdings in ProAssurance Corporation (NYSE:PRA - Free Report) by 73.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 786,769 shares of the insurance provider's stock after selling 2,200,427 shares during the quarter. Wellington Management Group LLP owned 1.53% of ProAssurance worth $18,371,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PRA. GAMMA Investing LLC boosted its position in shares of ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after acquiring an additional 1,564 shares during the period. CWM LLC boosted its position in shares of ProAssurance by 95.9% in the first quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 1,079 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in shares of ProAssurance in the first quarter valued at about $75,000. Wolverine Asset Management LLC bought a new stake in shares of ProAssurance in the first quarter valued at about $84,000. Finally, Aquatic Capital Management LLC boosted its position in shares of ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider's stock valued at $99,000 after acquiring an additional 3,714 shares during the period. Institutional investors own 85.58% of the company's stock.

ProAssurance Stock Down 0.6%

Shares of NYSE PRA opened at $23.8650 on Tuesday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 25.39 and a beta of 0.13. ProAssurance Corporation has a 12 month low of $12.43 and a 12 month high of $24.14. The stock has a 50-day moving average price of $23.61 and a two-hundred day moving average price of $21.73.

ProAssurance (NYSE:PRA - Get Free Report) last issued 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 firm had revenue of $271.94 million during the quarter, compared to the consensus estimate of $266.72 million. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The business's quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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