ProAssurance (NYSE:PRA) Sets New 1-Year High - Here's What Happened

Key Points

• ProAssurance Corporation's shares reached a new 52-week high of $24.00 during trading, closing at $23.97 with a trading volume of 5,303 shares.
• Analysts have a consensus rating of "Hold" on ProAssurance stock, with an average price target of $21.50, although Piper Sandler raised its target to $25.00.
• In the latest earnings report, ProAssurance beat estimates with $0.52 earnings per share compared to the consensus estimate of $0.19, despite a year-over-year revenue decline of 19.9%.

ProAssurance Corporation (NYSE:PRA - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $24.00 and last traded at $23.97, with a volume of 5303 shares trading hands. The stock had previously closed at $23.94.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRA. Piper Sandler upped their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Wall Street Zen began coverage on shares of ProAssurance in a report on Monday, May 19th. They issued a "hold" rating on the stock. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat.com, ProAssurance has an average rating of "Hold" and an average price target of $21.50.

ProAssurance Stock Performance

The firm's fifty day moving average price is $23.49 and its 200 day moving average price is $21.27. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 25.42 and a beta of 0.13.

ProAssurance (NYSE:PRA - Get Free Report) last released its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.33. The company had revenue of $271.94 million for the quarter, compared to analyst estimates of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The firm's quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. Analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey lifted its holdings in ProAssurance by 6.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 11,021 shares of the insurance provider's stock worth $252,000 after buying an additional 681 shares in the last quarter. Mariner LLC lifted its holdings in ProAssurance by 4.2% during the 4th quarter. Mariner LLC now owns 17,007 shares of the insurance provider's stock worth $271,000 after buying an additional 688 shares in the last quarter. Eisler Capital Management Ltd. lifted its holdings in ProAssurance by 0.9% during the 2nd quarter. Eisler Capital Management Ltd. now owns 100,881 shares of the insurance provider's stock worth $2,303,000 after buying an additional 881 shares in the last quarter. Jane Street Group LLC lifted its holdings in ProAssurance by 1.2% during the 2nd quarter. Jane Street Group LLC now owns 73,834 shares of the insurance provider's stock worth $1,686,000 after buying an additional 890 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in ProAssurance by 50.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,123 shares of the insurance provider's stock worth $71,000 after buying an additional 1,050 shares in 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.