Shay Capital LLC Cuts Stock Holdings in ProAssurance Co. (NYSE:PRA)

Shay Capital LLC lessened its stake in ProAssurance Co. (NYSE:PRA) by 5.9% during the fourth quarter, Holdings Channel reports. The firm owned 120,000 shares of the insurance provider’s stock after selling 7,500 shares during the period. Shay Capital LLC’s holdings in ProAssurance were worth $1,909,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of ProAssurance by 34.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,175 shares of the insurance provider’s stock worth $3,808,000 after buying an additional 65,325 shares during the period. KBC Group NV increased its stake in ProAssurance by 75.4% during the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock worth $67,000 after acquiring an additional 1,798 shares during the last quarter. Savant Capital LLC raised its holdings in shares of ProAssurance by 49.6% in the 4th quarter. Savant Capital LLC now owns 45,240 shares of the insurance provider’s stock worth $720,000 after purchasing an additional 14,991 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of ProAssurance by 0.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,316,249 shares of the insurance provider’s stock worth $20,678,000 after purchasing an additional 4,814 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in shares of ProAssurance by 2.2% in the 4th quarter. New York State Teachers Retirement System now owns 89,326 shares of the insurance provider’s stock valued at $1,421,000 after purchasing an additional 1,937 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Citigroup downgraded shares of ProAssurance to a “market perform” rating in a research report on Thursday, April 3rd. Piper Sandler increased their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. StockNews.com began coverage on shares of ProAssurance in a report on Sunday, May 11th. They set a “hold” rating on the stock. Raymond James downgraded ProAssurance from a “market perform” rating to an “underperform” rating in a report on Thursday, April 10th. Finally, Citizens Jmp lowered ProAssurance from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

ProAssurance Stock Up 0.7%

Shares of NYSE:PRA opened at $23.14 on Friday. The company has a 50 day moving average of $22.07 and a two-hundred day moving average of $17.87. ProAssurance Co. has a 52-week low of $10.76 and a 52-week high of $23.70. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 27.88 and a beta of 0.04.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $272.85 million. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 EPS. As a group, analysts forecast that ProAssurance Co. will post 0.8 earnings per share for the current fiscal 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.