Allspring Global Investments Holdings LLC Reduces Holdings in ProAssurance Co. (NYSE:PRA)

Allspring Global Investments Holdings LLC cut its holdings in shares of ProAssurance Co. (NYSE:PRA - Free Report) by 7.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,334,002 shares of the insurance provider's stock after selling 110,615 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.62% of ProAssurance worth $18,396,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Middle East FZE acquired a new position in ProAssurance during the fourth quarter worth about $25,000. Lazard Asset Management LLC acquired a new position in ProAssurance during the first quarter worth about $31,000. Tower Research Capital LLC TRC boosted its position in ProAssurance by 85.1% during the first quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the insurance provider's stock worth $84,000 after acquiring an additional 2,088 shares during the last quarter. FMR LLC boosted its holdings in ProAssurance by 19.8% in the 3rd quarter. FMR LLC now owns 4,923 shares of the insurance provider's stock valued at $93,000 after purchasing an additional 812 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in ProAssurance by 40.9% in the 2nd quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider's stock valued at $136,000 after purchasing an additional 2,620 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

ProAssurance Stock Down 1.7 %

Shares of ProAssurance stock traded down $0.23 during trading hours on Monday, hitting $13.03. The company had a trading volume of 198,032 shares, compared to its average volume of 277,493. The company's 50-day moving average is $12.76 and its two-hundred day moving average is $14.06. ProAssurance Co. has a twelve month low of $11.76 and a twelve month high of $19.38. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27. The company has a market cap of $664.14 million, a P/E ratio of -17.58 and a beta of 0.24.

ProAssurance (NYSE:PRA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.09). The business had revenue of $296.96 million for the quarter, compared to analyst estimates of $252.74 million. ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The firm's revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. Analysts anticipate that ProAssurance Co. will post 0.26 earnings per share for the current fiscal 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.