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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PRA shares. Piper Sandler boosted 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. Citizens Jmp cut shares of ProAssurance from an "outperform" rating to a "market perform" rating in a research note on Thursday, April 3rd. Raymond James Financial cut shares of ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. Citigroup cut shares of ProAssurance to a "market perform" rating in a research report on Thursday, April 3rd. Finally, Wall Street Zen began coverage on shares of ProAssurance in a research note on Monday, May 19th. They set a "hold" rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, ProAssurance currently has an average rating of "Hold" and a consensus price target of $21.00.

ProAssurance Price Performance

The stock's 50 day moving average is $23.06 and its two-hundred day moving average is $19.55. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.26 and a quick ratio of 0.26. The stock has a market capitalization of $1.21 billion, a PE ratio of 28.82 and a beta of 0.12.

ProAssurance (NYSE:PRA - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $236.28 million during the quarter, compared to analysts' expectations of $272.85 million. ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business's revenue for the quarter was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 earnings per share. As a group, sell-side analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

Hedge funds have recently modified their holdings of the stock. Wealthfront Advisers LLC purchased a new position in shares of ProAssurance in the fourth quarter valued at $359,000. Deutsche Bank AG raised its position in shares of ProAssurance by 50.1% during the 4th quarter. Deutsche Bank AG now owns 47,679 shares of the insurance provider's stock valued at $759,000 after acquiring an additional 15,921 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ProAssurance by 10.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,977 shares of the insurance provider's stock valued at $2,513,000 after acquiring an additional 15,542 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ProAssurance by 9,409.8% during the 1st quarter. GAMMA Investing LLC now owns 48,405 shares of the insurance provider's stock valued at $1,130,000 after acquiring an additional 47,896 shares in the last quarter. Finally, Amundi increased its position in ProAssurance by 182.3% in the fourth quarter. Amundi now owns 25,634 shares of the insurance provider's stock worth $389,000 after buying an additional 16,552 shares during the period. 85.58% of the stock is 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.