ProAssurance (NYSE:PRA) Sets New 52-Week High - Here's What Happened

ProAssurance Corporation (NYSE:PRA - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $23.73 and last traded at $23.61, with a volume of 1291365 shares trading hands. The stock had previously closed at $22.97.

Analyst Ratings Changes

PRA has been the subject of a number of research reports. Raymond James Financial cut ProAssurance from a "market perform" rating to an "underperform" rating in a research note on Thursday, April 10th. Piper Sandler lifted their target price on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Wall Street Zen started coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Citigroup cut shares of ProAssurance to a "market perform" rating in a report on Thursday, April 3rd. Finally, Citizens Jmp downgraded shares of ProAssurance from an "outperform" rating to a "market perform" rating in a research note on Thursday, April 3rd. One investment 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 stock currently has an average rating of "Hold" and an average price target of $21.00.

ProAssurance Stock Performance

The stock's 50-day moving average is $23.04 and its 200 day moving average is $19.43. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 28.82 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings results 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 return on equity of 4.51% and a net margin of 3.72%. The business's revenue was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 EPS. As a group, analysts predict that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sterling Capital Management LLC increased its position in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock worth $26,000 after purchasing an additional 1,461 shares in the last quarter. Quantbot Technologies LP purchased a new stake in ProAssurance during the first quarter worth approximately $47,000. GAMMA Investing LLC increased its position in shares of ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock worth $48,000 after acquiring an additional 1,564 shares in the last quarter. CWM LLC raised its stake in shares of ProAssurance by 95.9% in the 1st quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 1,079 shares during the period. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of ProAssurance in the 1st quarter valued at $75,000. 85.58% of the stock is currently 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.