SunTrust Banks Cuts ProAssurance (NYSE:PRA) Price Target to $36.00

ProAssurance (NYSE:PRA) had its price target cut by SunTrust Banks from $39.00 to $36.00 in a research report released on Monday, BenzingaRatingsTable reports. They currently have a hold rating on the insurance provider’s stock.

PRA has been the subject of several other research reports. Piper Jaffray Companies lowered ProAssurance from a neutral rating to an underweight rating in a report on Wednesday, January 8th. Zacks Investment Research lowered ProAssurance from a buy rating to a hold rating and set a $41.00 price objective for the company. in a report on Thursday, November 14th. Keefe, Bruyette & Woods raised ProAssurance from an underperform rating to a market perform rating and set a $36.00 target price for the company in a research note on Thursday, January 2nd. Finally, Piper Sandler lowered ProAssurance from a neutral rating to an underweight rating and set a $38.00 target price for the company. in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. ProAssurance presently has an average rating of Hold and a consensus price target of $39.20.

Shares of NYSE PRA opened at $30.72 on Monday. ProAssurance has a 12 month low of $29.45 and a 12 month high of $42.03. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 1,536.77 and a beta of 0.52. The business has a 50-day moving average of $33.39 and a 200-day moving average of $37.27.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Thursday, February 20th. The insurance provider reported ($1.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($1.47). ProAssurance had a negative return on equity of 2.80% and a net margin of 0.10%. The business had revenue of $249.47 million for the quarter, compared to analysts’ expectations of $237.90 million. During the same period in the previous year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was up 39.0% compared to the same quarter last year. On average, analysts predict that ProAssurance will post 0.04 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the business. Royce & Associates LP lifted its position in ProAssurance by 12.4% in the fourth quarter. Royce & Associates LP now owns 1,845,708 shares of the insurance provider’s stock valued at $66,704,000 after purchasing an additional 204,203 shares during the last quarter. State Street Corp lifted its position in ProAssurance by 0.7% in the fourth quarter. State Street Corp now owns 1,844,239 shares of the insurance provider’s stock valued at $67,226,000 after purchasing an additional 13,551 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in ProAssurance by 0.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,013,587 shares of the insurance provider’s stock valued at $36,631,000 after purchasing an additional 2,620 shares during the last quarter. Bank of New York Mellon Corp lifted its position in ProAssurance by 6.0% in the fourth quarter. Bank of New York Mellon Corp now owns 817,728 shares of the insurance provider’s stock valued at $29,551,000 after purchasing an additional 46,319 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in ProAssurance by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 701,090 shares of the insurance provider’s stock valued at $25,337,000 after purchasing an additional 27,182 shares during the last quarter. Hedge funds and other institutional investors own 85.00% 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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.

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Analyst Recommendations for ProAssurance (NYSE:PRA)

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