ProAssurance (NYSE:PRA) Stock Rating Upgraded by 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 investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Several other research analysts also recently weighed in on PRA. Piper Sandler boosted their target price on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Wall Street Zen assumed coverage on shares of ProAssurance in a report on Monday, May 19th. They set a "hold" rating for the company. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, ProAssurance has a consensus rating of "Reduce" and a consensus target price of $21.50.

ProAssurance Price Performance

Shares of NYSE PRA opened at $23.9450 on Wednesday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 25.47 and a beta of 0.13. The company's 50-day moving average price is $23.56 and its 200 day moving average price is $21.52. ProAssurance has a 52 week low of $12.43 and a 52 week high of $24.14.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.19 by $0.33. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The business had revenue of $271.94 million for the quarter, compared to analyst estimates of $266.72 million. During the same period in the prior year, the business earned $0.23 earnings per share. The company's quarterly revenue was down 19.9% on a year-over-year basis. As a group, research analysts forecast that ProAssurance will post 0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProAssurance

A number of hedge funds have recently made changes to their positions in the stock. Hudson Bay Capital Management LP acquired a new position in shares of ProAssurance in the 2nd quarter valued at about $1,142,000. Nomura Holdings Inc. acquired a new position in ProAssurance during the second quarter valued at approximately $913,000. Public Sector Pension Investment Board grew its stake in ProAssurance by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 174,897 shares of the insurance provider's stock worth $3,993,000 after buying an additional 12,674 shares during the period. Tower Research Capital LLC TRC grew its stake in ProAssurance by 271.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider's stock worth $127,000 after buying an additional 4,074 shares during the period. Finally, Water Island Capital LLC increased its position in shares of ProAssurance by 23.7% in the second quarter. Water Island Capital LLC now owns 547,355 shares of the insurance provider's stock worth $12,496,000 after acquiring an additional 105,009 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

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.

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