Wall Street Zen Initiates Coverage on ProAssurance (NYSE:PRA)

Wall Street Zen initiated coverage on shares of ProAssurance (NYSE:PRA - Free Report) in a research note published on Monday morning. The brokerage issued a hold rating on the insurance provider's stock.

Several other research firms also recently commented on PRA. Citizens Jmp downgraded shares of ProAssurance from an "outperform" rating to a "market perform" rating in a report on Thursday, April 3rd. Piper Sandler increased their price target on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Raymond James downgraded shares of ProAssurance from a "market perform" rating to an "underperform" rating in a report on Thursday, April 10th. Finally, Citigroup downgraded shares of ProAssurance to a "market perform" rating in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, ProAssurance has a consensus rating of "Hold" and a consensus price target of $21.00.

ProAssurance Stock Performance

Shares of PRA stock traded down $0.01 during trading hours on Monday, hitting $23.16. The company's stock had a trading volume of 801,375 shares, compared to its average volume of 453,095. The company has a 50 day moving average of $23.00 and a 200 day moving average of $18.23. The stock has a market cap of $1.19 billion, a PE ratio of 27.90 and a beta of 0.04. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. ProAssurance has a 12-month low of $10.76 and a 12-month high of $23.70.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The business had revenue of $236.28 million during the quarter, compared to analysts' expectations of $272.85 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The firm's revenue was down 4.5% on a year-over-year basis. During the same period last year, the company earned $0.08 earnings per share. On average, sell-side analysts forecast that ProAssurance will post 0.8 EPS for the current fiscal year.

Institutional Trading of ProAssurance

A number of hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new stake in ProAssurance during the first quarter worth $237,000. Jane Street Group LLC raised its position in ProAssurance by 70.0% during the first quarter. Jane Street Group LLC now owns 72,944 shares of the insurance provider's stock worth $1,703,000 after acquiring an additional 30,028 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in ProAssurance by 2.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,334 shares of the insurance provider's stock worth $3,767,000 after acquiring an additional 3,357 shares during the period. Goldman Sachs Group Inc. raised its position in ProAssurance by 47.6% during the first quarter. Goldman Sachs Group Inc. now owns 511,759 shares of the insurance provider's stock worth $11,950,000 after acquiring an additional 165,024 shares during the period. Finally, Jones Financial Companies Lllp acquired a new position in ProAssurance during the first quarter worth $600,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

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.