ProAssurance (NYSE:PRA) Sets New 1-Year High - Still a Buy?

Key Points

• ProAssurance Corporation reached a new 52-week high of $24.15, with a significant trading volume of 146,344 shares.
• The stock received an upgrade from Zacks Research, moving from a "hold" rating to a "strong-buy" rating, while the consensus target price remains at $21.50.
• For the most recent quarter, ProAssurance reported earnings of $0.52 per share, exceeding expectations and indicating a revenue decline of 19.9% year-over-year.

ProAssurance Corporation (NYSE:PRA - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $24.15 and last traded at $24.14, with a volume of 146344 shares changing hands. The stock had previously closed at $24.00.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Zacks Research upgraded ProAssurance from a "hold" rating to a "strong-buy" rating in a report on Monday, September 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ProAssurance in a research report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ProAssurance has an average rating of "Hold" and a consensus target price of $21.50.

ProAssurance Stock Up 0.7%

The company has a market cap of $1.24 billion, a P/E ratio of 25.70 and a beta of 0.12. The stock's 50-day moving average price is $23.86 and its 200-day moving average price is $23.39. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The business's revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. As a group, research analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current year.

Hedge Funds Weigh In On ProAssurance

Large investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 worth $2,513,000 after purchasing an additional 15,542 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in shares of ProAssurance during the first quarter valued at approximately $5,167,000. GAMMA Investing LLC raised its position in ProAssurance by 307.3% in the 1st quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider's stock valued at $48,000 after buying an additional 1,564 shares during the last quarter. Victory Capital Management Inc. bought a new position in ProAssurance during the 1st quarter valued at $209,000. Finally, Hsbc Holdings PLC lifted its stake in ProAssurance by 76.4% during the 1st quarter. Hsbc Holdings PLC now owns 66,620 shares of the insurance provider's stock valued at $1,553,000 after acquiring an additional 28,861 shares in the last quarter. 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.

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