ProAssurance (NYSE:PRA) Hits New 52-Week High - What's Next?

ProAssurance Corporation (NYSE:PRA - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $23.81 and last traded at $23.70, with a volume of 1055848 shares changing hands. The stock had previously closed at $23.66.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Piper Sandler upped their target price on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Wall Street Zen initiated coverage on ProAssurance in a research report on Monday, May 19th. They set a "hold" rating for the company. Raymond James Financial lowered ProAssurance from a "market perform" rating to an "underperform" rating in a report on Thursday, April 10th. Citigroup cut ProAssurance to a "market perform" rating in a report on Thursday, April 3rd. Finally, Citizens Jmp downgraded ProAssurance from an "outperform" rating to a "market perform" rating in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.00.

ProAssurance Stock Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 29.06 and a beta of 0.12. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.34. The stock's fifty day simple moving average is $23.13 and its 200-day simple moving average is $19.82.

ProAssurance (NYSE:PRA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). The firm had revenue of $236.28 million during the quarter, compared to analyst estimates of $272.85 million. ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business's quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 EPS. Analysts predict that ProAssurance Corporation will post 0.8 EPS for the current year.

Hedge Funds Weigh In On ProAssurance

A number of institutional investors have recently modified their holdings of PRA. Ellsworth Advisors LLC acquired a new stake in shares of ProAssurance in the 1st quarter valued at $955,000. Acadian Asset Management LLC acquired a new position in ProAssurance during the first quarter worth $237,000. Jane Street Group LLC increased its holdings 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 buying an additional 30,028 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 purchasing an additional 3,357 shares during the period. Finally, Goldman Sachs Group Inc. boosted 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 purchasing an additional 165,024 shares during the period. Institutional investors 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.