ProAssurance (NYSE:PRA) Upgraded to Hold at Zacks Research

Key Points

• ProAssurance has been upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, indicating a more favorable view of the stock's potential.
• Analysts, including Piper Sandler, have increased the target price for ProAssurance from $18.00 to $25.00, demonstrating growing confidence in the company's performance.
• The company's latest quarterly earnings showed a significant earnings per share (EPS) of $0.52, surpassing expectations, although revenue was down 19.9% year-over-year.

ProAssurance (NYSE:PRA - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday, August 20th,Zacks.com reports.

A number of other analysts have also recently issued reports on PRA. Wall Street Zen started coverage on shares of ProAssurance in a research note on Monday, May 19th. They issued a "hold" rating for the company. Piper Sandler lifted their price target on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $21.50.

ProAssurance Stock Up 0.3%

Shares of PRA stock traded up $0.07 during trading on Wednesday, hitting $23.84. 101,886 shares of the company were exchanged, compared to its average volume of 646,346. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 25.36 and a beta of 0.13. The business's 50-day simple moving average is $23.63 and its 200 day simple moving average is $21.75. ProAssurance has a twelve month low of $12.43 and a twelve month high of $24.14.

ProAssurance (NYSE:PRA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.33. The firm had revenue of $271.94 million during 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 revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. As a group, analysts forecast that ProAssurance will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

A number of institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC lifted its position in ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider's stock worth $26,000 after buying an additional 1,461 shares in the last quarter. Russell Investments Group Ltd. lifted its position in ProAssurance by 356.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 1,097 shares during the period. Quantbot Technologies LP acquired a new position in ProAssurance during the 1st quarter valued at about $47,000. GAMMA Investing LLC increased its stake in shares of 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 acquiring an additional 1,564 shares during the last quarter. Finally, CWM LLC increased its stake in shares of ProAssurance by 95.9% in the 1st quarter. CWM LLC now owns 2,204 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 1,079 shares during the last quarter. Institutional investors and hedge funds 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.