ProAssurance (NYSE:PRA) Sets New 52-Week High - Should You Buy?

Shares of ProAssurance Corporation (NYSE:PRA - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.95 and last traded at $23.86, with a volume of 116192 shares trading hands. The stock had previously closed at $23.85.

Analysts Set New Price Targets

PRA has been the subject of several research analyst reports. Citizens Jmp lowered shares of ProAssurance from an "outperform" rating to a "market perform" rating in a report on Thursday, April 3rd. Piper Sandler boosted their price target on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Citigroup lowered shares of ProAssurance to a "market perform" rating in a report on Thursday, April 3rd. Wall Street Zen started coverage on shares of ProAssurance in a research report on Monday, May 19th. They issued a "hold" rating on the stock. Finally, Raymond James Financial cut shares of ProAssurance from a "market perform" rating to an "underperform" rating in a research report on Thursday, April 10th. One 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.com, ProAssurance presently has an average rating of "Hold" and a consensus target price of $21.50.

ProAssurance Stock Performance

The stock has a 50-day moving average of $23.26 and a 200-day moving average of $20.24. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 29.01 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.26 and a current ratio of 0.26.

ProAssurance (NYSE:PRA - Get Free Report) last announced its earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The firm had revenue of $236.28 million during the quarter, compared to analyst estimates of $272.85 million. During the same period in the prior year, the business posted $0.08 EPS. The firm's quarterly revenue was down 4.5% compared to the same quarter last year. As a group, analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Magnetar Financial LLC acquired a new position in shares of ProAssurance during the 1st quarter worth about $54,121,000. Alliancebernstein L.P. increased its stake in shares of ProAssurance by 2,035.6% during the 1st quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider's stock worth $35,410,000 after purchasing an additional 1,445,469 shares during the last quarter. TIG Advisors LLC acquired a new position in shares of ProAssurance during the 1st quarter worth about $15,039,000. Janus Henderson Group PLC increased its stake in shares of ProAssurance by 2,655.2% during the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock worth $10,268,000 after purchasing an additional 621,935 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of ProAssurance during the 1st quarter worth about $8,281,000. 85.58% of the stock is owned by institutional investors.

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.