ProAssurance (NYSE:PRA) Sets New 1-Year High After Strong Earnings

Key Points

• ProAssurance Corporation achieved a new 52-week high of $23.95 after reporting strong earnings, with an EPS of $0.52 compared to the expected $0.19.
• The company's revenue of $271.94 million for the quarter surpassed analyst expectations but marked a 19.9% decline compared to the same quarter last year.
• Wall Street analysts have issued a consensus rating of "Hold" for ProAssurance, with price targets ranging from $18.00 to $25.00.

ProAssurance Corporation (NYSE:PRA - Get Free Report) shares reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $23.95 and last traded at $23.93, with a volume of 158763 shares traded. The stock had previously closed at $23.82.

The insurance provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 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 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRA shares. Wall Street Zen initiated coverage on ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating for the company. Piper Sandler raised their price objective on ProAssurance from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Raymond James Financial lowered shares of ProAssurance from a "market perform" rating to an "underperform" rating in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $21.50.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds have recently made changes to their positions in the business. Deutsche Bank AG raised its position in ProAssurance by 50.1% in the fourth quarter. Deutsche Bank AG now owns 47,679 shares of the insurance provider's stock worth $759,000 after acquiring an additional 15,921 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of ProAssurance by 10.9% in 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 worth $2,513,000 after purchasing an additional 15,542 shares during the period. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 1,564 shares during the last quarter. Alpine Associates Management Inc. purchased a new stake in ProAssurance in the first quarter worth $5,167,000. Finally, Northern Trust Corp raised its stake in ProAssurance by 3.1% in the 4th quarter. Northern Trust Corp now owns 559,694 shares of the insurance provider's stock valued at $8,905,000 after acquiring an additional 16,983 shares during the period. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Trading Up 0.5%

The firm has a 50-day simple moving average of $23.37 and a 200-day simple moving average of $20.82. The stock has a market cap of $1.22 billion, a PE ratio of 29.19 and a beta of 0.13. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.34.

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.

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