ProAssurance Corporation (NYSE:PRA) Sees Significant Increase in Short Interest

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 during the month of August. As of August 15th, there was short interest totaling 5,590,000 shares, anincreaseof36.3% from the July 31st total of 4,100,000 shares. Currently,11.1% of the company's shares are sold short. Based on an average daily volume of 558,200 shares, the short-interest ratio is presently 10.0 days. Based on an average daily volume of 558,200 shares, the short-interest ratio is presently 10.0 days. Currently,11.1% of the company's shares are sold short.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRA. Magnetar Financial LLC purchased a new stake in shares of ProAssurance during the first quarter worth about $54,121,000. Alliancebernstein L.P. increased its stake 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 purchasing an additional 1,445,469 shares in the last quarter. Qube Research & Technologies Ltd increased its stake 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 purchasing an additional 969,833 shares in the last quarter. Hsbc Holdings PLC increased its stake 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 purchasing an additional 872,808 shares in the last quarter. Finally, TIG Advisors LLC purchased a new stake in shares of ProAssurance during the first quarter worth about $15,039,000. Institutional investors and hedge funds own 85.58% of the company's stock.

ProAssurance Stock Performance

NYSE:PRA traded up $0.03 during midday trading on Monday, hitting $23.79. The company's stock had a trading volume of 334,916 shares, compared to its average volume of 430,689. ProAssurance has a fifty-two week low of $12.43 and a fifty-two week high of $24.14. The firm's 50 day moving average is $23.79 and its 200-day moving average is $22.38. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a market cap of $1.22 billion, a P/E ratio of 25.30 and a beta of 0.12.

ProAssurance (NYSE:PRA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.33. The business had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.The company's revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. Equities analysts anticipate that ProAssurance will post 0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PRA has been the topic of a number of research reports. Zacks Research raised shares of ProAssurance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Wall Street Zen assumed coverage on shares of ProAssurance in a report on Monday, May 19th. They set a "hold" rating on the stock. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ProAssurance presently 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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