ProAssurance (NYSE:PRA) Reaches New 1-Year High – Here’s Why

ProAssurance Co. (NYSE:PRA) shares reached a new 52-week high on Monday . The company traded as high as $23.63 and last traded at $23.19, with a volume of 4981 shares. The stock had previously closed at $23.28.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com started coverage on shares of ProAssurance in a research report on Tuesday, April 1st. They set a “hold” rating on the stock. Citizens Jmp cut shares of ProAssurance from an “outperform” rating to a “market perform” rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, ProAssurance presently has a consensus rating of “Hold” and a consensus price target of $18.67.

ProAssurance Stock Performance

The company has a market cap of $1.19 billion, a PE ratio of 27.97 and a beta of -0.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. The stock’s 50-day simple moving average is $17.07 and its 200 day simple moving average is $16.14.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Monday, February 24th. The insurance provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.19. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. The firm had revenue of $287.52 million for the quarter, compared to analyst estimates of $274.56 million. As a group, equities analysts anticipate that ProAssurance Co. will post 0.8 EPS for the current year.

Institutional Trading of ProAssurance

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in ProAssurance by 3.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock valued at $47,588,000 after buying an additional 91,987 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of ProAssurance by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider’s stock valued at $43,019,000 after purchasing an additional 123,232 shares in the last quarter. State Street Corp boosted its stake in shares of ProAssurance by 1.8% during the 3rd quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after buying an additional 34,247 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of ProAssurance by 0.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,316,249 shares of the insurance provider’s stock worth $20,678,000 after buying an additional 4,814 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in ProAssurance by 92.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock valued at $10,992,000 after acquiring an additional 331,224 shares in the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

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.