ProAssurance (NYSE:PRA) Hits New 12-Month High After Earnings Beat

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.

Shares of ProAssurance Corporation (NYSE:PRA - Get Free Report) hit a new 52-week high during trading 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. The stock had previously closed at $23.82.

The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 5.62% and a net margin of 4.33%. The business's revenue was down 19.9% on a year-over-year basis. During the same period last year, the firm posted $0.23 earnings per share.

Analyst Ratings Changes

A number of research firms recently commented on PRA. Wall Street Zen assumed coverage on shares of ProAssurance in a research report on Monday, May 19th. They set a "hold" rating on the stock. Piper Sandler lifted their price objective on ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $21.50.

Institutional Trading of ProAssurance

Several institutional investors and hedge funds have recently modified their holdings of PRA. Magnetar Financial LLC bought a new position in ProAssurance in the first quarter valued at about $54,121,000. Alliancebernstein L.P. grew its position in ProAssurance by 2,035.6% in the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider's stock valued at $35,410,000 after acquiring an additional 1,445,469 shares during the last quarter. TIG Advisors LLC bought a new position in ProAssurance in the first quarter valued at about $15,039,000. Janus Henderson Group PLC grew its position in ProAssurance by 2,655.2% in the fourth quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock valued at $10,268,000 after acquiring an additional 621,935 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in ProAssurance in the first quarter valued at about $8,281,000. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26. The stock has a 50-day simple moving average of $23.41 and a 200-day simple moving average of $21.05. The stock has a market cap of $1.23 billion, a P/E ratio of 25.44 and a beta of 0.13.

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.