ProAssurance (NYSE:PRA) Reaches New 12-Month High - What's Next?

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) 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. The stock had previously closed at $23.94.

Wall Street Analyst Weigh In

PRA has been the topic of several recent research reports. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating on the stock. 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 research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $21.50.

ProAssurance Price Performance

The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 25.42 and a beta of 0.13. The stock's 50-day simple moving average is $23.49 and its two-hundred day simple moving average is $21.27.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PRA. Deutsche Bank AG increased its stake in ProAssurance by 50.1% during the fourth quarter. Deutsche Bank AG now owns 47,679 shares of the insurance provider's stock valued at $759,000 after purchasing an additional 15,921 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in ProAssurance by 10.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,977 shares of the insurance provider's stock worth $2,513,000 after purchasing an additional 15,542 shares during the period. GAMMA Investing LLC boosted 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 valued at $48,000 after acquiring an additional 1,564 shares during the period. Alpine Associates Management Inc. bought a new position in ProAssurance in the first quarter worth $5,167,000. Finally, Victory Capital Management Inc. acquired a new position in ProAssurance during the first quarter worth $209,000. Hedge funds and other 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.