Victory Capital Management Inc. reduced its stake in ProAssurance Co. (NYSE:PRA) by 36.2% during the 1st quarter, HoldingsChannel reports. The fund owned 1,188,295 shares of the insurance provider’s stock after selling 673,776 shares during the quarter. Victory Capital Management Inc.’s holdings in ProAssurance were worth $41,127,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Resources Investment Advisors Inc. bought a new stake in ProAssurance in the 4th quarter valued at $29,000. Quadrant Capital Group LLC lifted its position in ProAssurance by 375.0% during the 1st quarter. Quadrant Capital Group LLC now owns 855 shares of the insurance provider’s stock worth $28,000 after buying an additional 675 shares in the last quarter. Massmutual Trust Co. FSB ADV bought a new stake in ProAssurance during the 4th quarter worth about $42,000. Strs Ohio lifted its position in ProAssurance by 25.0% during the 4th quarter. Strs Ohio now owns 1,500 shares of the insurance provider’s stock worth $60,000 after buying an additional 300 shares in the last quarter. Finally, AdvisorNet Financial Inc bought a new stake in ProAssurance during the 4th quarter worth about $150,000. 80.23% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on PRA. ValuEngine raised shares of ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance in a research report on Friday, April 26th. Finally, JMP Securities cut their price target on shares of ProAssurance from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $47.00.
Shares of PRA stock traded up $0.47 on Thursday, reaching $39.00. The stock had a trading volume of 5,478 shares, compared to its average volume of 295,355. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 26.38 and a beta of 0.65. ProAssurance Co. has a 12 month low of $34.11 and a 12 month high of $49.47.
ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Thursday, April 25th. The insurance provider reported $0.08 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.23). ProAssurance had a net margin of 7.01% and a return on equity of 3.98%. The company had revenue of $268.88 million during the quarter, compared to analyst estimates of $238.55 million. During the same quarter last year, the company posted $0.40 EPS. The firm’s quarterly revenue was up 33.8% on a year-over-year basis. Sell-side analysts predict that ProAssurance Co. will post 0.72 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Friday, March 29th were paid a $0.31 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $1.24 dividend on an annualized basis and a yield of 3.18%. ProAssurance’s dividend payout ratio (DPR) is currently 83.78%.
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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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.
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