ProAssurance (NYSE:PRA) Shares Gap Up on Earnings Beat

ProAssurance Co. (NYSE:PRA - Get Free Report)'s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $13.82, but opened at $14.90. ProAssurance shares last traded at $15.60, with a volume of 34,006 shares traded.

The insurance provider reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. The firm had revenue of $284.97 million for the quarter, compared to analysts' expectations of $233.62 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The company's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.15) EPS.

Wall Street Analyst Weigh In

PRA has been the subject of several recent research reports. JMP Securities reiterated a "market outperform" rating and set a $22.00 target price on shares of ProAssurance in a report on Monday, April 15th. Truist Financial cut their target price on ProAssurance from $15.00 to $14.00 and set a "hold" rating on the stock in a research note on Thursday, February 29th. Finally, Piper Sandler cut their target price on ProAssurance from $16.00 to $15.00 and set an "overweight" rating on the stock in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, ProAssurance presently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Institutional Investors Weigh In On ProAssurance

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its holdings in ProAssurance by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 491,952 shares of the insurance provider's stock worth $9,293,000 after buying an additional 6,280 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ProAssurance by 17.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,455 shares of the insurance provider's stock worth $235,000 after buying an additional 1,842 shares in the last quarter. Private Advisor Group LLC bought a new stake in ProAssurance in the 3rd quarter worth about $281,000. Illinois Municipal Retirement Fund bought a new stake in ProAssurance in the 3rd quarter worth about $583,000. Finally, Swiss National Bank increased its holdings in ProAssurance by 2.0% in the 3rd quarter. Swiss National Bank now owns 118,700 shares of the insurance provider's stock worth $2,242,000 after buying an additional 2,300 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Price Performance

The firm has a fifty day moving average of $12.89 and a 200 day moving average of $13.51. The company has a market capitalization of $773.20 million, a P/E ratio of -20.50 and a beta of 0.21. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38.

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.