ProAssurance (NYSE:PRA) Releases Earnings Results, Beats Expectations By $0.33 EPS

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) announced its quarterly earnings results on Tuesday. The insurance provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.33, Zacks reports. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%. The firm had revenue of $271.94 million during the quarter, compared to analyst estimates of $266.72 million. During the same quarter in the previous year, the business earned $0.23 EPS. ProAssurance's revenue for the quarter was down 19.9% compared to the same quarter last year.

ProAssurance Trading Up 0.1%

PRA traded up $0.03 during trading hours on Friday, reaching $23.92. The company's stock had a trading volume of 402,847 shares, compared to its average volume of 590,802. ProAssurance has a fifty-two week low of $12.05 and a fifty-two week high of $24.00. The stock has a market cap of $1.23 billion, a PE ratio of 25.44 and a beta of 0.13. The business's 50-day moving average is $23.41 and its 200-day moving average is $20.96. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PRA shares. Wall Street Zen started coverage on ProAssurance in a report on Monday, May 19th. They set a "hold" rating on the stock. Piper Sandler boosted their target price on 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 assigned a hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $21.50.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRA. AQR Capital Management LLC lifted its holdings in ProAssurance by 40.4% in the first quarter. AQR Capital Management LLC now owns 134,641 shares of the insurance provider's stock valued at $3,144,000 after acquiring an additional 38,756 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ProAssurance by 4.5% in 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 last quarter. Millennium Management LLC lifted its holdings in ProAssurance by 181.5% in the first quarter. Millennium Management LLC now owns 306,540 shares of the insurance provider's stock valued at $7,158,000 after acquiring an additional 197,663 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in ProAssurance in the first quarter valued at approximately $600,000. Finally, Goldman Sachs Group Inc. lifted its holdings in ProAssurance by 47.6% in the first quarter. Goldman Sachs Group Inc. now owns 511,759 shares of the insurance provider's stock valued at $11,950,000 after acquiring an additional 165,024 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.