ProAssurance (NYSE:PRA) Issues Quarterly Earnings Results

Key Points

• ProAssurance reported a quarterly earnings per share (EPS) of $0.52, significantly exceeding analysts' expectations of $0.19.
• The company's revenue decreased by 19.9% year-over-year, indicating potential challenges in its business performance.
• Wall Street analysts generally maintain a "Hold" rating on ProAssurance, with one downgrade to "Underperform," highlighting mixed views on the firm's stock outlook.

ProAssurance (NYSE:PRA - Get Free Report) issued its quarterly earnings data on Tuesday. The insurance provider reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.33, Zacks reports. ProAssurance had a return on equity of 4.51% and a net margin of 3.72%. During the same quarter in the previous year, the firm earned $0.23 EPS. The business's revenue was down 19.9% on a year-over-year basis.

ProAssurance Stock Up 0.0%

Shares of PRA traded up $0.01 during midday trading on Tuesday, reaching $23.81. 835,365 shares of the stock were exchanged, compared to its average volume of 608,748. ProAssurance has a 12-month low of $11.27 and a 12-month high of $23.95. The firm has a 50 day simple moving average of $23.37 and a 200-day simple moving average of $20.82. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.34. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 29.04 and a beta of 0.13.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wall Street Zen assumed coverage on ProAssurance in a research note on Monday, May 19th. They issued a "hold" rating for the company. Raymond James Financial downgraded ProAssurance from a "market perform" rating to an "underperform" rating in a research note on Thursday, April 10th. Finally, Piper Sandler raised their target price on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $21.50.

Hedge Funds Weigh In On ProAssurance

Several large investors have recently made changes to their positions in the business. Acadian Asset Management LLC bought a new position in ProAssurance during the first quarter valued at about $237,000. Jones Financial Companies Lllp bought a new position in ProAssurance during the first quarter valued at about $600,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in ProAssurance by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,293 shares of the insurance provider's stock valued at $707,000 after acquiring an additional 1,302 shares during the period. Jane Street Group LLC increased its stake in ProAssurance by 70.0% during the first quarter. Jane Street Group LLC now owns 72,944 shares of the insurance provider's stock valued at $1,703,000 after acquiring an additional 30,028 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of ProAssurance by 40.4% in the 1st quarter. AQR Capital Management LLC now owns 134,641 shares of the insurance provider's stock valued at $3,144,000 after purchasing an additional 38,756 shares during the period. Institutional investors and hedge funds own 85.58% of the company's stock.

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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