Jacobs Levy Equity Management Inc. Cuts Stake in ProAssurance Co. (NYSE:PRA)

Jacobs Levy Equity Management Inc. lessened its stake in shares of ProAssurance Co. (NYSE:PRA) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 531,284 shares of the insurance provider’s stock after selling 56,617 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.04% of ProAssurance worth $8,453,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sterling Capital Management LLC boosted its holdings in shares of ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 1,461 shares during the last quarter. KBC Group NV boosted its holdings in shares of ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock worth $67,000 after buying an additional 1,798 shares during the last quarter. Aquatic Capital Management LLC boosted its holdings in shares of ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock worth $99,000 after buying an additional 3,714 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of ProAssurance in the fourth quarter worth approximately $150,000. Finally, Scotia Capital Inc. purchased a new position in shares of ProAssurance in the fourth quarter worth approximately $173,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PRA shares. StockNews.com started coverage on shares of ProAssurance in a report on Sunday. They issued a “hold” rating on the stock. Piper Sandler raised their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Citigroup downgraded shares of ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. Raymond James downgraded shares of ProAssurance from a “market perform” rating to an “underperform” rating in a report on Thursday, April 10th. Finally, Citizens Jmp downgraded shares of ProAssurance from an “outperform” rating to a “market perform” rating in a report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.00.

ProAssurance Price Performance

NYSE PRA opened at $23.00 on Wednesday. ProAssurance Co. has a 12 month low of $10.76 and a 12 month high of $23.70. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 27.71 and a beta of 0.04. The company’s 50 day moving average is $21.76 and its two-hundred day moving average is $17.78. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35.

ProAssurance (NYSE:PRA) last released its earnings results on Tuesday, May 6th. The insurance provider reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The firm had revenue of $236.28 million for the quarter, compared to the consensus estimate of $272.85 million. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. ProAssurance’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.08 EPS. As a group, research analysts anticipate that ProAssurance Co. will post 0.8 earnings per share for the current year.

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.