ProAssurance Corporation (NYSE:PRA) Given Average Rating of "Reduce" by Brokerages

Key Points

• ProAssurance Corporation (NYSE:PRA) has received an average rating of "Reduce" from analysts, with one sell rating and five hold ratings, and a 12-month price target of $21.50.
• In recent trading, ProAssurance's stock is showing market fluctuations, with the current price at $23.75, a twelve month low of $12.43, and a high of $24.14.
• The company reported $0.52 EPS for the last quarter, exceeding analysts' expectations of $0.19, despite a year-over-year revenue decline of 19.9%.

ProAssurance Corporation (NYSE:PRA - Get Free Report) has received an average recommendation of "Reduce" from the six analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $21.50.

A number of analysts have commented on PRA shares. Wall Street Zen started coverage on shares of ProAssurance in a report on Monday, May 19th. They set a "hold" rating for the company. Piper Sandler increased their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Zacks Research raised shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th.

Institutional Trading of ProAssurance

A number of hedge funds and other institutional investors have recently modified their holdings of PRA. Magnetar Financial LLC purchased a new stake in shares of ProAssurance in the first quarter worth $54,121,000. Alliancebernstein L.P. boosted its position in shares of ProAssurance by 2,035.6% during the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider's stock worth $35,410,000 after acquiring an additional 1,445,469 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in shares of ProAssurance by 186.1% during the second quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider's stock worth $34,041,000 after acquiring an additional 969,833 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of ProAssurance by 1,310.1% during the second quarter. Hsbc Holdings PLC now owns 939,428 shares of the insurance provider's stock worth $21,433,000 after acquiring an additional 872,808 shares during the last quarter. Finally, TIG Advisors LLC bought a new position in shares of ProAssurance during the first quarter worth $15,039,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Stock Down 0.0%

PRA opened at $23.75 on Thursday. ProAssurance has a twelve month low of $12.43 and a twelve month high of $24.14. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.26 and a beta of 0.12. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average price of $23.73 and a 200-day moving average price of $22.08.

ProAssurance (NYSE:PRA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $266.72 million. During the same period in the prior year, the company earned $0.23 earnings per share. The firm's revenue was down 19.9% on a year-over-year basis. Equities research analysts forecast that ProAssurance 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.

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