Short Interest in ProAssurance Corporation (NYSE:PRA) Increases By 36.3%

Key Points

• ProAssurance Corporation experienced a 36.3% increase in short interest from July to August, with 11.1% of shares currently sold short.
• Several institutional investors have increased their stakes in ProAssurance, notably Alliancebernstein L.P. which raised its stake by 2,035.6% during the first quarter.
• ProAssurance reported $0.52 earnings per share for the last quarter, significantly surpassing the expected $0.19, though revenue declined 19.9% year-over-year.

ProAssurance Corporation (NYSE:PRA - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 5,590,000 shares, an increase of 36.3% from the July 31st total of 4,100,000 shares. Approximately 11.1% of the shares of the company are short sold. Based on an average daily trading volume, of 558,200 shares, the short-interest ratio is currently 10.0 days. Based on an average daily trading volume, of 558,200 shares, the short-interest ratio is currently 10.0 days. Approximately 11.1% of the shares of the company are short sold.

ProAssurance Price Performance

Shares of NYSE:PRA traded down $0.01 on Friday, reaching $23.80. 233,484 shares of the company traded hands, compared to its average volume of 414,423. ProAssurance has a fifty-two week low of $12.86 and a fifty-two week high of $24.14. The company's 50 day moving average is $23.83 and its 200-day moving average is $22.52. The stock has a market capitalization of $1.22 billion, a PE ratio of 25.31 and a beta of 0.12. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research upgraded ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Wall Street Zen assumed coverage on ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating for the company. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $21.50.

Institutional Investors Weigh In On ProAssurance

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey lifted its position in shares of ProAssurance by 6.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 11,021 shares of the insurance provider's stock valued at $252,000 after acquiring an additional 681 shares during the last quarter. Eisler Capital Management Ltd. lifted its position in shares of ProAssurance by 0.9% during the 2nd quarter. Eisler Capital Management Ltd. now owns 100,881 shares of the insurance provider's stock valued at $2,303,000 after acquiring an additional 881 shares during the last quarter. Jane Street Group LLC lifted its position in shares of ProAssurance by 1.2% during the 2nd quarter. Jane Street Group LLC now owns 73,834 shares of the insurance provider's stock valued at $1,686,000 after acquiring an additional 890 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of ProAssurance by 50.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,123 shares of the insurance provider's stock valued at $71,000 after acquiring an additional 1,050 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in ProAssurance by 22.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider's stock valued at $130,000 after purchasing an additional 1,056 shares during the period. Institutional investors and hedge funds own 85.58% of the company's stock.

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.