Prudential Financial Inc. trimmed its position in ProAssurance Corporation (NYSE:PRA) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,690 shares of the insurance provider’s stock after selling 1,130 shares during the quarter. Prudential Financial Inc. owned approximately 0.19% of ProAssurance Corporation worth $6,122,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in PRA. ProShare Advisors LLC raised its holdings in shares of ProAssurance Corporation by 7.5% in the 1st quarter. ProShare Advisors LLC now owns 9,081 shares of the insurance provider’s stock valued at $547,000 after purchasing an additional 634 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of ProAssurance Corporation by 6.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 74,441 shares of the insurance provider’s stock valued at $4,481,000 after purchasing an additional 4,358 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of ProAssurance Corporation by 54.2% in the 1st quarter. First Trust Advisors LP now owns 72,032 shares of the insurance provider’s stock valued at $4,340,000 after purchasing an additional 25,332 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of ProAssurance Corporation by 5.9% in the 1st quarter. Bank of New York Mellon Corp now owns 650,457 shares of the insurance provider’s stock valued at $39,190,000 after purchasing an additional 36,247 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of ProAssurance Corporation by 45.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 22,401 shares of the insurance provider’s stock valued at $1,350,000 after purchasing an additional 6,998 shares in the last quarter. Institutional investors and hedge funds own 79.76% of the company’s stock.
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Shares of ProAssurance Corporation (NYSE PRA) opened at 53.90 on Friday. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 19.26 and a beta of 0.54. The company’s 50-day moving average is $55.00 and its 200 day moving average is $58.82.
ProAssurance Corporation (NYSE:PRA) last posted its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. The firm had revenue of $205.58 million for the quarter, compared to analysts’ expectations of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.67 earnings per share. Analysts anticipate that ProAssurance Corporation will post $2.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.24 annualized dividend and a yield of 2.30%. ProAssurance Corporation’s dividend payout ratio is presently 44.60%.
In related news, insider Edward Lewis Rand, Jr. sold 3,155 shares of the company’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $60.11, for a total value of $189,647.05. Following the sale, the insider now directly owns 120,014 shares of the company’s stock, valued at $7,214,041.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Neil Frank B. O purchased 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost of $54.75 per share, for a total transaction of $136,875.00. Following the completion of the acquisition, the insider now directly owns 101,931 shares of the company’s stock, valued at $5,580,722.25. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 7,000 shares of company stock worth $383,125 and sold 28,000 shares worth $1,703,438. Corporate insiders own 1.80% of the company’s stock.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Tuesday, May 30th. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods assumed coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They set a “market perform” rating and a $61.00 price target on the stock. Finally, BidaskClub lowered shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.00.
About ProAssurance Corporation
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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